permanent tsb Group - Q3 beat on capital generation and market share gain

Davy Research
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The beat on capital and increase in mortgage market share are the standout features of the Q3 update. The increase in share and recent pricing cuts will position PTSB on the front foot into 2019. This will be supported by a solution for the treated non-performing loan (NPL) portfolio, which we expect in Q4. We adjust our forecasts to carry forward the stronger Q3 capital generation but keep income unchanged, with the greater market share momentum offsetting recent downward revisions to the mortgage market growth outlook.