2022: crystallising positive catalysts

  • 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 258c
Bank of Ireland OUTPERFORM 11/03/13 Neutral 14/08/12 598c
permanent tsb Group OUTPERFORM 04/02/21 Neutral 06/03/19 170c


Credit growth is emerging, providing further impetus to the unprecedented actions of 2021 and combining to bring sustainable returns into sight. 2022 is a year of execution followed by delivery in 2023 and beyond. The Irish banking landscape is set to deliver in the coming years with balance sheet growth, increased profitability and returns. This will unlock distribution potential – buy-backs are highly attractive at this juncture. Current valuations are undemanding against this backdrop; we retain our ‘Outperform’ ratings with material upside across all three banks.

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Jan 20 2022, 07:00 GMT