LENDER Permanent TSB has reported a strong start to 2014 with a drop in underlying arrears and an 80pc increase in mortgage lending year on year to end April.

It added that by the end of April it had offered restructures to 19,000 mortgage holders in arrears, with 15,700 accepted.

On a standalone basis, the institution’s business unit has been profitable after impairments for the year to date while its overall view is that the economy is improving.

And it added today that underlying arrears levels are now falling in each of the loan portfolios within the Group’s asset management unit with the 2014 impairment charge expected to be significantly reduced from the levels seen in 2012 and 2013.

Chief executive Jeremy Masding said: “We are very encouraged by the strong start we have made in 2014.

“On the product side, we are growing our positions in all key markets and on the financial side, we are confident that the Group is continuing its recovery and we believe this progress will be evidenced in the Group’s financial performance for this year.”

Market share for new mortgages is now Permanent TSB reports drop in underlying arrears and increase in mortgage lending

estimated at about 13pc (from low of 1.6pc in Q4, 2012) while it has opened 65,000 current accounts opened in the last 12 months

The loan-to-deposit ratio for the group is 142pc and at core bank level is 124pc while it is also making progress on the planned sale of certain non-core Irish loan books.

Market share for new mortgages now estimated at about 13pc (from low of 1.6pc in Q4, 2012) while it has opened 65,000 current accounts opened in the last 12 months.