Davy Research

permanent tsb Group

FY 2017 results: cures contribute to NPL task; market share growth
Banks
permanent tsb Group

DAVY VIEW

The strong gain in mortgage market share and underlying non-performing loan (NPL) cures are the key positives in the results. A higher loan-loss charge reflects a ‘prudent approach’ to the NPL strategy, which will remain the near-term focus – especially following the recent Project Glas portfolio launch. A relatively unchanged FL CET1 ratio of 15% will fall towards 12% in 2018 through the impact of IFRS9 and the targeted review of internal models (TRIM). The transitional CET1 ratio will likely remain c.2ppts higher, providing support for the NPL challenge ahead.

Download full report with analyst certification and important disclosures
Download
Download full report with analyst certification and important disclosures
Download
  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • permanent tsb Group

    Closing Price: 194c

  • RATING 03/08/17

  • PREVIOUS RATING 03/10/16

    Outperform

Analyst(S)

COMPANY DATA

JUMP TO