Bank’s mortgage market share declines to 13.4% as switching slows Down, according to PTSB data. At the end of March, customer deposits were €23.3 billion. Since March of last year, there has been an increase of €1 billion, or 5%. Deposits increased by €300 million just from the end of December, the bank—which is still primarily owned by the state—stated.
In the first three months of this year, the bank’s market share of mortgage drawdowns decreased to 13.4% from 15.4% in the last quarter of 2023. This came after a quarter-over-quarter decline in switching activity that mirrored a similar trend in the second half of 2023.
PTSB claimed to have “overperformed” in the switcher market in the first half of 2023 in an interim management statement. The company also mentioned the fierce competition that exists right now for first-time customers. Fixed-rate products were associated with roughly 73% of new mortgage drawdowns.
In the first three months of this year, the bank’s net interest income—which is a major factor in profitability—rose by 10% when compared to the same time in 2023. During the same time frame, PTSB’s net interest margin—the difference between the amount of interest a bank charges borrowers and the amount it pays savers—also increased by five basis points to 2.31 percent. Also, gross interest income increased by 37% on an annual basis.
The bank ascribed this expansion to both an increase in average interest-earning assets and increased interest rates. But a greater cost of funds brought on by a spike in deposit volumes in recent months partially countered this. The first quarter’s total operating income of €167 million represented a 9 percent increase over the same time in 2023. According to the bank, operating expenses continued to be under budget.
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