Positive PTSB results are a good thing for the Bank and its staff.

01 March 2023

Important that Bank staff share in the success says FSU.

The Financial Services Union has welcomed the positive yearly results reported by PTSB this morning of a pretax profit of €267 million with the expectation of greater profits into the future.

PTSB have announced a pretax profit of €267 million for 2022. It is expected the exit of Ulster Bank and KBC from the Irish retail banking market will be a “ game changer”  for PTSB into the future.

Commenting on the results Caitleen Desetti, Industrial Relations Organiser with the FSU said:

“The results announced this morning paint a positive picture for PTSB, and the expectation from market analysts is that the Bank will grow stronger and stronger over the coming years. It is important that the success is built on a collaborative approach with all stakeholders and that staff are financially rewarded for their continued professionalism and dedication to their roles.

“The FSU has already agreed a top up for our pay deals in Bank of Ireland and Danske Bank, as well as a 7% increase in Ulster Bank. We are calling on all employers, especially those posting significant profits, to follow this example and compensate staff fairly for the hit that their wages have taken in the last year.”

Commenting on the results John O’Connell, General Secretary of the FSU said:

“We commend PTSB for increasing their footprint in communities with opening 25 additional branches. The acquisition of €6.2 billion performing non-tracker residential mortgage business from Ulster Bank has changed the retail banking landscape for PTSB. The acquisition has increased the PTSB mortgage loan book by around 40% making it a significant player in the market. 

We are seeing variable pay and approved share option schemes under discussion in the other Banks. We expect PTSB to look favourably on rewarding its staff in a similar way.”