PTSB’s Ulster Bank deal to pave way for return of dividends - Goodbody

Banks loan book will prepare the path for the group to return to paying dividends over the medium for the first time since the financial crash, according to Goodbody Stockbrokers.

“While we do not project a return to dividends over our forecast horizon [over the next two years], we recognise that there are prospects for shareholder distributions in the years ahead,” Goodbody banking analysts, led by“We now review how the agreed acquisition of Ulster Bank loan portfolios is set to prove game-changing from a bank returns perspective and we acknowledge that capital returns could be the next leg of the equity story.

PTSB, in which Irish taxpayers hold a 75 per cent stake, is alone among the State’s three surviving bailed-out banks in not having returned to paying dividends since the 2008 crash, having consistently delivered sub-par profit returns as its balance sheet shrank dramatically over the course of more than a decade.

However, PTSB agreed last month to buy an estimated €6.8 billion of Ulster Bank loans as the UK-owned bank retreats from the market. This would increase the size of PTSB’s loan book by almost 50 per cent and help boost returns.Group, will take a 16.7 per cent stake in PTSB as part payment for the transaction, subject to regulatory approval.

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