DAVY VIEW

The removal of the dividend blocker is welcome as a further key box ticked in PTSB’s investment case evolution, and a nice surprise in terms of timing. The decision is a reflection of the group’s ongoing normalisation from a regulatory perspective. The removal will not result in an immediate start to dividend payments for FY 2023, but depending on the balance between capital position and growth opportunities, a dividend may be considered with FY 2024 results.