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Permanent TSB's mortgage market share jumps in Q1 as rivals head for the exit

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Permanent TSB expanded its share of the fast growing mortgage market to 17.9% in the first quarter of 2021 from 15.3% in the previous quarter as it looks to take advantage of rivals' plans to leave the Irish market.

In a trading update today, the 75% state-owned lender said that its new mortgage lending jumped by 30% compared to 13% growth in the overall market.

It also said it increased capital levels and kept non-performing loans in line with the end of last year. The mortgage market is set to shrink to just three retail banks after NatWest announced in February that it would wind down its Ulster Bank operations and Belgium's KBC said last month it was exploring the sale of most of its Irish assets.

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