Permanent TSB said it has opened more than 100,000 new current accounts and 35,000 new deposit accounts so far in 2022.
This marks a 250% and 80% increase respectively on the same time last year as KBC Bank and Ulster Bank customers switch to other banks ahead of their departure from the Irish market.
In a trading update for the third quarter of 2022, Permanent TSB said its net interest income was up 3% - higher than expected - on an annual basis due to higher new lending and higher interest rates.
The lender said its customer deposits of €20.8 billion at the end of September are €1.7 billion higher than at the end of December 2021, reflecting an increase in current account balances to €8.5 billion.
It said its total performing loan book of €13.7 billion at September is €0.3 billion lower than the total performing loan book at December 31, mainly due to the sale of the most recent portfolio sale, Glenbeigh IV.
It reported non-performing loans (NPLs) of €0.7 billion at September 2022, €0.1 billion lower than balances reported at December 2021, adding that its NPL Ratio is 4.8% compared to 5.5% at the end of December.
Earlier this week, Permanent TSB said it had completed the purchase of the performing non-tracker residential mortgage business of Ulster Bank in Ireland.
Permanent TSB said the deal will see about 56,000 new residential mortgage customers move to the bank with its mortgage book increasing in size by roughly 40%.
PTSB said that after a strong performance in the first three quarters of 2022 - and based on current business performance expectations and macroeconomic assumptions - its outlook for this year is forecast to be more favourable than previously guided.
Eamonn Crowley, Permanent TSB's chief executive, said the bank has delivered a very strong business and financial performance year-to-date with significant momentum heading into the final quarter of the year.
Mr Crowley noted that new lending volumes increased 33% year-on-year to €1.8 billion, driven by its green mortgage offering which now accounts for about 25% of mortgage drawdowns.
"Whilst the macroeconomic environment remains uncertain, the Irish economy continues to out-perform in terms of growth and employment levels," the bank CEO said.
He also said the deal with Ulster Bank is "a step-change" for the Permentn TSB as it grows its mortgage book by approximately 40%.
"Our imminent acquisitions of Ulster Bank's SME and Asset Finance businesses and 25 of its branches, will support the bank in generating greater scale with more customers and becoming a much stronger competitive force in Irish retail banking," he added.
Shares in the bank were lower in Dublin trade today.
