PTSB is a bank in Ireland. They want to help people with their money by offering things like loans, mortgages, savings accounts, and other financial stuff. Their main aim is to assist folks in managing their money, buying homes, and reaching their financial dreams. Permanent TSB Group Holdings plc (PTSB) reports the profit of €79m in 2023 with is better than the 2022 €58m profit. The bank stated that this came about as a result of the addition of badwill after Ulster Bank’s retail and business banking operations were acquired. The year’s underlying profit before tax increased to €166 million from €45 million in 2022. The bank said they made a lot more money this year compared to last year, mostly because they charged higher interest rates, gave out more loans, and took over some loans from Ulster Bank. They now have €20.9 billion in loans, which is €1.8 billion more than last year. They got most of this extra money from business loans and loans to regular people. Even though they didn’t give out as many new home loans this year, they gave out about the same amount of other types of loans. Overall, they lent out €167 million more to businesses than they did last year. They also got €1.3 billion more in deposits from customers compared to last year.
The bank ascribed this increase in overall expenses to the effects of the Ulster Bank purchase, the elevated rate of inflation, and a one-time, non-recurring fee of €9 million for the Deposit Guarantee Scheme. The number of employees went up to 3,206 from 2,488 at the end of last year. This increase includes new employees from Ulster Bank, as well as extra staff hired to handle the Ulster Bank acquisition.
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I’m Orla, a seasoned Tax Accountant and passionate blog writer with a mission to demystify the intricate world of Value Added Tax (VAT). With a career spanning over a decade in the realms of finance and taxation, I have honed my expertise to assist businesses and individuals in navigating the complex landscape of VAT regulations.
My journey into the world of finance and taxation began with a strong fascination for numbers and a desire to make a meaningful impact. Armed with a degree in Accounting, I embarked on a career that would see me becoming a trusted advisor to businesses of all sizes. Over the years, I have had the privilege of helping countless clients optimize their financial operations and ensure compliance with VAT laws. Connect with me through my blog, where you’ll find insightful articles, practical advice, and a friendly voice to guide you through the intricate world of Value Added Tax.