Permanent TSB's chairman and CEO have each acquired shares in the bank, according to a stock market announcement by the lender.

Chairman Robert Elliot purchased 16,500 shares at a price of €1.20 each, while CEO Jeremy Masding bought 13,611 shares at £1.09104 each.

The bank said it marked the first share purchase by a director since the financial crisis.

Permanent TSB remains 75% owned by the State, though the Government policy is to reduce that in order to recoup its investment as part of the bank bailout.

In 2015 it sold 25% of its stake in the bank at a price of €4.50 per share, but PTSB's share price has fallen considerably since then.

Last week PTSB reported a profit before tax of €28m for the six months to the end of June, almost half the amount reported the same time last year.

However it said its business performance continues in line with expectations.

Total new lending volumes increased by 22% year-on-year and its market share of new mortgage lending increased to 14.7% from 13.8% the same time last year.

Meanwhile its overall net interest income fell by 6% as a result of reduced income from non-performing loans on the back of loan sales in 2018 and lower treasury income.