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ptsb Trading Statement Released : 05/05/2021 07:00 RNS Number : 5408X Permanent TSB Group Holdings PLC 05 May 2021 7.00 AM 05 May 2021 Permanent TSB Group Holdings plc ( ' the Bank ' ) Interim Management Statement - Q1 2021 Update " The Bank has been extremely resilient since the onset of the Covid - 19 pandemic , evident from business performance which continues to grow and trend very positively following a strong quarter four 2020. The Bank's mortgage drawdown volumes in quarter one were c . 30 % higher than the same period last year and mortgage applications and approvals are also materially ahead versus the prior year . We have also recently announced our commitment of € 50 million in additional investment in the Bank's technology infrastructure and digital capability , as well as the launch of our digital current account . This builds on the existing € 100 million multi - year investment programme , as the Bank prepares for a significant expansion of customers and services over the coming years , bringing an enhanced digital experience for customers . We remain focussed on our ambition of becoming Ireland's best personal and small business bank . As an Irish brand with people and community at the heart of our approach , we are very confident in our ability to continue to grow and provide real choice and value for customers in the Irish market . Negotiations are continuing with NatWest in relation to acquiring certain aspects of Ulster Bank's Retail and SME business . Until these negotiations have concluded there can be no certainty that an acquisition will occur or on what terms . Any agreement reached will need to provide certainty and clarity for associated customers and employees , be supportive to the overall commercial position of Permanent TSB and value accretive for our shareholders . " Eamonn Crowley , Chief Executive Key Points : Strong new lending of € 0.4 billion YTD ; 22 % higher compared to Q1'20 [ 1 ] • Increased mortgage market share to 17.9 % , up from 14.7 % at March 2020 • Net Interest Margin ( NIM ) of 1.56 % • Continued cost discipline with operating costs remaining in line with prior year Customer deposits of € 18.3 billion , increased 2 % ( € 0.3 billion ) in the first quarter of 2021 • Non - performing loans ( NPLs ) of € 1.1 billion at 31 March 2021 remain in line with balances reported at December 2020 ; the NPL Ratio remains at 7.6 % • The Bank maintains a strong capital position ; fully loaded CET1 capital ratio of 15.6 % , an increase of 50 basis points on December 2020 CET1 ratio of 15.1 % Business Performance New mortgage lending of € 0.4 billion grew by 30 % year - on - year ( YoY ) , outperforming the mortgage market which grew by 7 % . Market share of mortgage drawdowns grew from 15.3 % at December 2020 to 17.9 % at March 2021 ( Q1'20 14.7 % ) . Whilst the mortgage market in Ireland is estimated to grow 13 % from € 8.4 billion in 2020 to c . € 9.5 billion [ 2 ] ; in 2021 , it remains competitive . We continue to manage our offering carefully by maintaining price discipline and credit underwriting standards . The Bank is working in partnership with the Strategic Banking Corporation of Ireland ( SBCI ) , providing € 50m in low - cost loans under the Irish Government's Future Growth Loan Scheme for SMEs . Having received applications significantly in excess of the € 50m , we are