Financials

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AIB Group

Medium-term targets trajectory likely well understood

AIB is well set in the coming years to deliver higher returns and profitability, underpinned by a positive backdrop from higher rates and consolidation. In our view, the earnings upsides...

Banks

Financial Stability Review – no surprises

The increase in the countercyclical capital buffer (CCyB) to 1ppt is in line with the Central Bank of Ireland’s (CBI) guidance and it remains its view that a 1.5ppt rate is the neutral...

Banks

Re-mortgaging activity remains elevated

Mortgage approvals continue to demonstrate the competitive nature of the mortgage market, with re-financing still running at elevated levels. This is likely to persist into year-end and...

Irish banks and housebuilders

Easing of mortgage rules supportive of outperformance

The Central Bank of Ireland’s (CBI) easing of mortgage rules is another demand-side response to a supply-side issue. It will have an inflationary impact but should not stretch credit...

permanent tsb Group

Strong business momentum evident

A strong business performance continued into Q3 for permanent tsb Group (PTSB), with upgraded guidance on FY 2022 net interest income (NII) and solid business activity in the...

Banks

Mortgage rates fall modestly in rising rate environment

New mortgage rates in Ireland continue to buck trends across Europe with modest falls as official rates and mortgage rates elsewhere are rising. Structural reasons explain this trend...

Bank of Ireland

Strong income and business activity with FY 2022 upgrade

This is a strong Q3 update for Bank of Ireland (BOI), providing good early insights into two key trends for the coming years. Firstly, the impact of interest rates, with FY 2022...

Banks

Further progress on state disposals

The Irish state continues to affect its strategy to sell down its stake in AIB, while its stake was reduced in permanent tsb Group (PTSB) as part of its transformational acquisition of...

permanent tsb Group

Completion of first stage of transformational acquisition

The first stage of permanent tsb Group’s (PTSB) transformational acquisition from Ulster Bank Ireland has completed. The transaction will substantially increase the scale of PTSB and...

FBD Holdings

Benefits from personal injuries overhaul

The overhaul of personal injury awards continues to provide a positive tailwind and to some extent provides an offset to the inflationary pressure on vehicle and property damages....