permanent tsb Group

Positive update on NPL reduction strategy

  • Sectors : Banks
  • Companies : permanent tsb Group

Ratings and price correct at time of issue.

  • permanent tsb Group

    Closing Price: 216c

  • RATING 03/08/17

  • PREVIOUS RATING 03/10/16

    OUTPERFORM

DAVY VIEW

We believe the non-performing loan (NPL) update from PTSB should be positively received. PTSB is pursuing a strategy to achieve a reduction to a high-single-digit NPL ratio in the medium term while minimising the impact on its capital base. We believe the commencement of a portfolio sale coincides with strong investor appetite for Irish portfolios, while non-sale reduction techniques demonstrate that PTSB will not be solely reliant on sales to achieve its NPL targets.

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Feb 14 2018, 07:35 GMT

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