Edinburgh-headquartered TSB sees profits rise despite 'incredibly challenging' six months

Spanish-owned lender TSB saw its statutory profits jump in the first half as it acknowledged the past six months had been “incredibly challenging” for many people.

Unveiling a statutory profit before tax of £102.9 million for the six months to the end of June, up from £42.9m a year earlier, chief executive Robin Bulloch said the bank was investing in “improving the customer experience”, while pressing ahead with its programme of branch upgrades and further developing its digital offering.

Edinburgh-headquartered TSB, which is owned by Banco Sabadell, said total customer lending at £37.9 billion had increased by 6.7 per cent, year-on-year, with growth driven by mortgages.

At £35.3bn, customer deposits fell by 0.7 per cent, year-on-year, reflecting an increase in consumer spending after the easing of Covid-19 restrictions.

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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TSB said it was pressing ahead with its programme of branch upgrades and further developing its digital offering.