TSB first-half profit soars 140% to £103m

TSB Bank plc has reported a statutory profit before tax of £102.9 million for the first half of 2022, up about 140% from £42.9 million profit in H1 of 2021.

TSB said its total customer lending at £37.9 billion increased by 1.4% in H1 of 2022, up 6.7% year-on-year, with growth driven by mortgages.

Customer deposits at £35.3 billion fell by £700 million in H1 2022 “reflecting an increase in consumer spending after the easing of Covid-19 restrictions.”

TSB is currently owned by Spain’s Banco Sabadell.

Total first-half income of £523.3 million (H1 2021: £471.6 million) was driven by higher customer lending balances as well as higher income from increased card spending post-Covid restrictions.

TSB said its net interest margin increased to 2.47% from 2.44% “as margins earned on customer deposits have increased, partially offset by lower margins on new customer mortgages written.”

TSB CEO Robin Bulloch said: “This represents another strong set of results for TSB.

“The past six months have been incredibly challenging for many people across the UK, and I am deeply grateful to all TSB colleagues for helping customers continue to have Money Confidence during this time.

“We’ve invested in improving the customer experience, pressing ahead with our programme of branch upgrades and further developing our digital offer, as well as continuing to offer a strong mortgage proposition – all of which has contributed to sustainable balance sheet growth and improved profitability.

“As we move through the second half of the year, our focus continues to be driving growth across our business and making sure that TSB is the bank of choice for more customers for more of their financial needs.”

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