Write-back at you

  • Sectors : Banks
  • Companies : permanent tsb Group | AIB Group | Bank of Ireland


Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
AIB Group OUTPERFORM 23/01/19 Neutral 14/08/18 273c
Bank of Ireland OUTPERFORM 11/03/13 Neutral 14/08/12 524c
permanent tsb Group OUTPERFORM 04/02/21 Neutral 06/03/19 149c


Impairment charges in 2020 far outpaced the increase in Stage 3; key aspects of the Irish economy, like economies elsewhere, have proven far more resilient than initially thought – aided by early intervention and state support. Our review of the current state of play indicates that existing guidance for 2021 is too conservative, with lower impairments supporting earnings in the coming years. We also assess valuations in the context of potential accretion and believe that significant upside remains.

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Jun 2 2021, 06:30 IST/BST