Why are the chief executives of Ireland’s big banks so coy about their strong growth?

Irish bank bosses don’t really engage in colourfully worded or gleeful commentary.

In the past week, Ireland’s three main banks each posted strong results, but their chief executives kept it coy.

AIB boss Colin Hunt said the bank notched up “another strong quarter”, which is probably an understatement given new lending rose by 17 per cent.

Bank of Ireland chief Myles O’Grady noted that it has “real momentum” after it again upgraded key financial targets, while PTSB boss Eamonn Crowley said its results reflected “strong momentum”.

Before the global financial crisis, Ireland had around a dozen banks. Between institutions collapsing and some consolidation, the country has been left with three main retail banks. Threatening to break their hold are a number of neobanks, seeking to challenge the status quo.

Monzo launched in Ireland in April with 100,000 on its waiting list. Revolut, with 3.4 million customers in Ireland, has made the biggest impression, while Bunq recently said its Irish saver numbers grew 74 per cent in 2025.

Zippay is the pillar banks’ answer to the convenient person-to-person mobile payments offered by the likes of Revolut, but is that enough to stave off rivals broadening their own offerings?

Avant Money has become an established mortgage challenger, offering competitive fixed and variable rates. Revolut is working on a mortgage product, although it has missed launch expectations and offered no firm timetable.

PTSB may itself pose a greater threat to AIB and Bank of Ireland if Austrian financial group Bawag’s €1.6 billion takeover deal, which is still subject to a court challenge, goes through.

[ PTSB income rises 7% as loan book grows ahead of Bawag saleOpens in new window ]

AIB and Bank of Ireland still have formidable advantages. Based on a recent consumer survey commissioned by the Department of Finance, AIB is the dominant banking provider, with 39 per cent using it as their main current account, followed by Bank of Ireland at 34 per cent. PTSB is a distant third at 13 per cent.

A not-so-dark horse, familiar to many, that may also pose a threat to the banks’ hold on the mortgage market is the credit union. In September, their mortgage lending topped €1 billion for the first time, according to the Irish League of Credit Unions.

Some customers may be more trusting of their local, bricks-and-mortar credit union as an alternative lender.

Hunt, O’Grady and Crowley are probably right to stick to their coy commentary. The good times won’t last forever.