Permanent Tsb Group Holdings Plc · EURONEXT:PTSB
Permanent Tsb — H1 2025 Earnings Presentation
38 slides from Permanent Tsb's earnings presentation, Jul 31, 2025
Slide 1: 31st July 2025
31st July 2025 Copyright © 2024. Permanent TSB Group. All rights reserved. Confidential!
Slide 2: Forward Looking Statements
Forward Looking Statements This document contains forward-looking statements with respect to certain of the Permanent TSB Group Holdings plc’s (the ‘Bank’) intentions, beliefs, current goals and expectations concerning, among other things, the Bank’s operational results, financial condition, perform
Slide 3: Interim Results 2025
Interim Results 2025 Eamonn Crowley, Barry D’Arcy, CEO CFO
Slide 4: Contents
Contents 1 2 3 4 Business & Strategy Financial Guidance & Appendix Update Performance Outlook
Slide 5: H1 2025 Highlights
H1 2025 Highlights Business +7% +3% +14% +€1.6bn YoY +€0.6bn YoY +€0.2bn YoY Performance Deposit Growth Mortgage Loan Business Banking Book Book1 Financial €322m €271m €51m Performance -4% YoY -1% YoY -17% YoY Total Income Total Operating Costs Operating Profit2 15.5% Submitted 86% Balance Sheet +0.
Slide 6: Irish Economic Picture Remains Positive
Irish Economic Picture Remains Positive Labour Market1 (%) Household Debt2 180 106% 165 120% 160 5.3% 100% 4.8% 140 4.5% 4.2% 120 109 80% 3.5% 97 91 66% 100 60% 2.2% 80 1.9% 2.0% 60 40% 40 20% 20 0 0% 2023 2024 2025e 2026e 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Unemployment Rate
Slide 7: Economy Underpinned by Solid Fundamentals
Economy Underpinned by Solid Fundamentals Ireland’s population growth is Irish general government Ireland #1 for attracting and c. 2% p.a. with those earning surplus of 2.6% of GNI*1 with retaining skilled international >€100k p.a. 4x the level of Debt/GNI* of 65% (projected workers 2013 for 2025) I
Slide 8: New Lending up 66% in H1
New Lending up 66% in H1 Total New Lending (€bn1) New Mortgage Lending (€bn1) & Market Share2 (%) 1.6 13.5% >20% +66% 0.1 +84% 0.2 1.0 0.1 0.2 1.3 1.3 0.7 0.7 H1'24 H1'25 H1'24 H1'25 Mortgage Business Banking Personal Term New Personal Term Lending (€m1) New Business Banking Lending (€m1) -6% 180 +2
Slide 9: Our Business Strategy 2025-27
Our Business Strategy 2025-27 Our Purpose Working together to build trust with our customers and communities Our Ambition To become Ireland’s best personal and business bank through exceptional customer experiences Who we serve Focused on meeting more of the Focused on Micro, Small and Medium- needs
Slide 10: Our Strategy in Action
Our Strategy in Action Strong Progress in First 6 Months of our 3-Year Strategy H1 Outcomes Our Strategy +22pts Relationship NPS in H1 2025 (+2 YoY) Deepening Customer Relationships 71% Consumer Consideration1 for PTSB +24k New Current & Deposit Accounts opened Diversifying our Income +14% Business
Slide 11: SBT 1 – Transforming How we Serve our Customers
SBT1 – Transforming How we Serve our Customers Mortgage Sales Customer Correspondence Rethink the mortgage sales process Digitise customer correspondence to utilize WebChat, AI, Voice & to fundamentally change how we Video chat & enhance cross-sales engage with customers, support journeys digital jo
Slide 12: Spotlight on “Grow and Run My Business”
Spotlight on “Grow and Run My Business” SME Book by Sector (Jun’25) Other Real Estate 10% Primary (eg Key Messages 4% Agriculture) Transportation/ 22% • PTSB market share % is single digits in both SME and Asset Finance, with Storage 6% potential to grow into double digits in the medium term Human H
Slide 13: Our Sustainability Strategy 2025-27
Our Sustainability Strategy 2025-27 Key Messages • New Sustainability Strategy launched in May 2025, aligned to Sustainable Development Goals • Focuses on channelling investment and directing impact towards areas that enhance societal wellbeing • €560m of Green lending in H1’25; +110% YoY and 43% of
Slide 14: Contents
Contents 1 2 3 4 Business & Strategy Financial Guidance & Appendix Update Performance Outlook
Slide 15: Income Statement – Underlying Profit €51m
Income Statement – Underlying Profit €51m Income Statement (€m) H1’25 H1’24 YoY % Key Messages Net Interest Income 288 311 (7%) • Total Operating Income €322m, 4% lower Non-Interest Income 34 25 +39% • Total Operating Expenses €271m, 1% lower Operating Income 322 336 (4%) • Regulatory Charges reduce
Slide 16: Net Interest Income €288m, 7% lower
Net Interest Income €288m, 7% lower Net Interest Income Movement1 (€m) Key Messages NIM% • Increased funding costs from larger term deposit balances the main negative driver behind the fall in NII 2.27% 2.02% • Hedging gain on our MTNs and Tier 2 instruments provided an 325 315 offsetting benefit, r
Slide 17: Lending Income – Residential Mortgages
Lending Income – Residential Mortgages Performing Mortgage Book1 by Product (€bn) 25.0 Key Messages 19.3 19.7 19.9 20.0 • Mortgage income fell marginally relative to H1 2024, as rate pressures 2.7 2.5 2.3 3.6 3.4 outweighed higher balances 15.0 3.3 • Yield on flow (new to bank customers) was 3.69% a
Slide 18: Net Fees and Commissions €31 million
Net Fees and Commissions €31 million Net Fees and Commissions (€m) Key Messages • Fees and commission are earned from current account and credit 32 31 card operation, home (Allianz), life insurance (Irish Life) sales and 4 4 investment products 23 • H1’25 income boosted by earlier recognition of a r
Slide 19: Operating Expenses – In Line with Expectations
Operating Expenses – In Line with Expectations H1’25 H1’24 YoY Key Messages Cost Base Analysis €m €m % • Total Operating Costs €271m, 1% lower Staff Costs1 119 116 +3% • Regulatory Charges reduced to €25m Other Costs 83 90 (7%) • Underlying Operating Costs in line with expectations Total Addressable
Slide 20: Nil Impairment Charge in H1
Nil Impairment Charge in H1 Impairment Release/(Charge) (€m) H1’25 FY’24 H1’24 Key Messages ECL stock movement 4 34 15 • Nil impairment charge recognised in H1 Other P&L Items (4) 5 5 • Provision Coverage Ratio 1.8% of gross loans (1.8% at Dec’24) P&L Impairment (Charge) / Release - 39 20 • Manageme
Slide 21: Conservative Economic Assumptions Underpin Provisions
Conservative Economic Assumptions Underpin Provisions Macro-Economic Forecasts1 at 30 June 2025 Upside Downside Key Messages Base Case Scenario Scenario Scenario • We have made minimal changes to our IFRS 9 forecasting End of Year Average value Average value Average value projection over 5-year over
Slide 22: Funding & Liquidity – Deposit Growth of 7%
Funding & Liquidity – Deposit Growth of 7% Total Funding Profile (€bn) 28.9 28.7 30.0 Key Messages 2.5 2.5 2.5 2.3 • Total deposit growth of 7% YoY in H1 2025 and 5% year to date 2.8 2.1 1.7 1.4 1.5 • Year to date growth of €1.1bn equivalent to inflows for FY 2024 9.2 9.4 • Retail term deposits rose
Slide 23: CET1 Ratio up to 15.5%
CET1 Ratio up to 15.5% CET1 Ratio Movement1 (%) RWAs Key Messages €11.5bn €10.9bn • CET1 ratio 15.5% at Jun’25; +0.8% since Dec’242 0.2% -0.2% 1.2% -0.2% 0.1% -0.2% o CRR3 +1.2% o Profit after Tax +0.2% o AT1 Coupon -0.2% o Net Loan Book Growth -0.2% 14.7% 15.5% o Intangible Software +0.1% o Other B
Slide 24: IRB Mortgage Model Submitted
IRB Mortgage Model Submitted Risk-Weight Densities Avg. Risk Key Messages Avg. Risk Jun‘25 EAD (€bn) RWA (€bn) Weight Weight Dec’24 • IRB mortgage model application submitted to Central Bank of Ireland on 30th May Total Residential Mortgages 20.4 7.4 36.4% 39.6% • The model has been updated to captu
Slide 25: Contents
Contents 1 2 3 4 Business & Strategy Financial Guidance & Appendix Update Performance Outlook
Slide 26: Guidance and Medium-Term Targets
Guidance and Medium-Term Targets 2025 2027 RoTE c. 5%1 RoTE c. 9% Returns First Distribution based Increased Capital Return on 2025 Performance NIM2 > 2.0% NIM > 2.2% Income Income down Loans +4-5% p.a. Low to Mid-Single Digit % Deposits +3-4% p.a. c. €525m c. €500m Operating Expenses Exceptional Co
Slide 27: Contents
Contents 1 2 3 4 Business & Strategy Financial Guidance & Appendix Update Performance Outlook
Slide 28: PTSB – Ireland’s Challenger Bank
PTSB – Ireland’s Challenger Bank Prime position to provide much-needed competition in Irish market • Ireland, the fastest growing economy in Europe • Excellent demographics and public finances • End of Irish deleveraging phase • Huge undersupply of homes Highly Attractive Market • Highly concentrate
Slide 29: Our Operating Environment
Our Operating Environment Ireland Overview PTSB’s 98 Branch Network Across the Country 5.3m 2.9m 4.0% Total Population Labour Force Unemployment April 2024 Q1 2025 June 2025 28.5% Population in Dublin 3.5% Increase YoY €12.6bn €165bn €4.4bn Mortgage Household SME Market Deposits Market (new lending
Slide 30: Five Year Income Statement
Five Year Income Statement €m H125 FY24 FY23 FY22 FY21 Net Interest Income 288 612 620 362 313 Other Income 34 60 48 47 48 Total Income 322 672 668 409 361 Total Operating Expenses (271) (531) (504) (395) (345) Operating Profit / (Loss) 51 141 164 14 16 Impairment (Charge) / Release - 39 2 31 1 Prof
Slide 31: Interest Income Analysis
Interest Income Analysis Average Balances (€bn)1 Yields (%) Interest Income (€m) H1’25 H1’24 H1’25 H1’24 H1’25 H1’24 Tracker 2.6 3.2 3.9% 5.5% 50 89 Fixed and Variable 17.5 16.8 3.5% 3.2% 298 271 Consumer Finance 0.3 0.3 10.0% 9.9% 16 15 Business Banking2 1.2 1.1 5.6% 5.4% 34 30 Treasury Assets 7.0
Slide 32: Interest Expense Analysis
Interest Expense Analysis Average Balances (€bn)1 Cost of Funds (%) Interest Expense (€m) H1’25 H1’24 H1’25 H1’24 H1’25 H1’24 Current Accounts 9.3 9.3 0.0% 0.0% - - Retail Deposits 13.8 12.6 1.1% 0.7% 76 45 Corporate Deposits 1.6 1.3 2.2% 2.4% 17 16 Wholesale Funding 2.2 2.7 4.9% 5.7% 54 78 Lease Li
Slide 33: Five Year Balance Sheet
Five Year Balance Sheet Jun’25 Dec’24 Dec’23 Dec’22 Dec’21 Total Loan Book (net) 21.8 21.4 21.5 19.6 14.2 Treasury Assets 7.2 6.5 5.3 5.3 6.7 Other Assets 1.0 1.0 1.0 1.0 1.3 Total Assets 30.0 28.9 27.8 25.9 22.2 Retail Deposits (incl. Current Accounts) 23.5 22.7 21.7 20.6 17.7 Corporate & Instituti
Slide 34: Asset Quality
Asset Quality Loans and Advances to Customers Jun’25 Dec’24 (Measured at Amortised Cost) €m €m Residential mortgages: 19,845 19,539 Home Loans Buy To Let 432 464 Total Residential Mortgages 20,277 20,003 Commercial 533 493 Consumer Finance 571 553 Finance leases and hire purchase receivables 473 466
Slide 35: NPLs & NPAs breakdown
NPLs & NPAs breakdown Stage 3 Analysis Finance leases and hire 30-Jun’25 Home Loan Buy-To-Let SME/ Commercial Consumer Finance Total purchase receivables €m €m €m €m €m €m NPL is < 90 Days 114 33 16 6 3 172 NPL is > 90 Days and < 1 year past due 47 6 - 5 2 60 NPL is 1-2 years past due 41 10 1 2 1 55
Slide 36: Regulatory Capital
Regulatory Capital Jun’25 Dec’24 €m €m Risk Weighted Assets 10,911 11,494 Common Equity Tier 1 1,693 1,684 Additional Tier 1 368 368 Tier 1 Capital 2,061 2,052 Tier 2 Capital 290 291 Total Capital 2,351 2,343 Common Equity Tier 1 Capital 15.5% 14.7% Tier 1 Capital 18.9% 17.9% Total Capital 21.5% 20.
Slide 37: Investment Grade Ratings with Moody’s & Fitch
Investment Grade Ratings with Moody’s & Fitch Moody’s Long-term Fitch Long-term Aaa AAA Current • Permanent TSB (OpCo Senior): A1 / Stable • Permanent TSB (OpCo Senior): BBB+ / Stable Ratings Aa1 AA+ Outlook Outlook • Permanent TSB Group Holdings (HoldCo • Permanent TSB Group Holdings (HoldCo Aa2 AA
Slide 38: Thank You
Thank You End of Presentation
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