Full Year 2018 Permanent TSB Group Holdings PLC Earnings Call Transcript
Good morning to you all, and welcome to our 2018 annual results presentation.
Perhaps I could ask you to turn to Slide 2. I'm going to give a short presentation on the significant progress we made during 2018, after which our CFO, Eamonn Crowley, will provide a more detailed review of our financial performance. Eamonn and I will be happy to take your questions after that.
Turning to Slide 3 for highlights of the year. I am pleased to say that business performance in 2018 was really strong, in particular in mortgage lending. We outperformed the market once again for the second year in a row, growing new lending by over 40% to EUR 1.5 billion versus a market that grew by 20%, thereby bringing our market share to over 15% from 12.6% in 2017. The bank's underlying profit grew to EUR 94 million, which is an increase of 45% year-on-year.
We made significant progress in transforming our balance sheet by reducing NPLs to EUR 1.7 billion in 2018 from EUR 5.3 billion in 2017. This is a reduction of
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