Permanent TSB has reported a 45% jump in pre-tax profits, before exceptionals, for 2018 as its total new lending volumes increased by over 40%.

The bank said its pre-tax profits, before exceptionals, climbed to €94m, while its total new ending volumes amounted to €1.5 billion. 

It said its non-performing loans reduced by 68% from €5.3 billion in 2017 to €1.7 billion in 2018 and its NPL ratio now stands at 10% from 26% at the end of 2017. 

The lender sold more than 6,000 home loans to Pepper Finance Corporation towards the end of last year. Most of the loans involved related to owner occupied homes, where restructuring arrangements have been put in place. 

Permanent TSB said it now has a 15.1% share of the residential mortgage market, up from 12.6% in 2017. 

The bank's chief executive Jeremy Masding said that as the bank moves into 2019, notwithstanding the geopolitical uncertainties mainly caused by Brexit, it remains positive.

"We believe we have a clear vision and strategy, and we are on the right path towards building an organisational
culture that will deliver sustainable shareholder value and right customer outcomes," Mr Masding said.