TSB profits plummet by a quarter amid 'challenging' mortgage market
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TSB's profits fell by almost a quarter during the first half of the year, with the lender flagging a weak mortgage market.
The bank said it was impacted by lower mortgage margins due to 'challenging' market conditions in the face of high interest rates.
TSB also added that it paid out significantly more interest to its savings customers.
The high street lender, which was bought by Banco Sabadell for £1.7billion in 2015, reported a pre-tax profit decline of 24.5 per cent to £111.6million year-to-year for the six months to June.
The high street lender reported a pre-tax profit decline of 24.5 per cent to £111.6million year-to-year for the six months to June
TSB's revenues fell by 6.1 per cent to £548.7million for the interim period. If you have any type of questions concerning where and the best mortgage rates ways to utilize mortgage calculator 2nd home, you can contact us at the site.
Robin Bulloch, chief executive officer at TSB, said: 'Our focus in 2024 is making TSB simpler and easier to bank with, and I'm delighted to see more customers choosing TSB.
'We continue to make good progress against our strategy and I'd like to thank everyone at TSB for their continued efforts to support our customers and communities, helping them feel more money-confident.'
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In May, the bank faced backlash after announcing plans to close one in six of TSB's branches - taking the total shut by the country's biggest lenders to over 6,000 in the past nine years.
In a move that will cost 250 jobs, the high street lender said it is axing 36 of its remaining 211 sites, leaving it with just 175.
The plan, which will see branches closed between September this year and May, was branded a 'grave mistake' by critics. Following the closures, TSB will have shut 459 branches since 2015.
That will take the number closed by Britain's biggest banks in the past nine years to 6,006, according to consumer group Which?.
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The bank said it was impacted by lower mortgage margins due to 'challenging' market conditions in the face of high interest rates.
TSB also added that it paid out significantly more interest to its savings customers.
The high street lender, which was bought by Banco Sabadell for £1.7billion in 2015, reported a pre-tax profit decline of 24.5 per cent to £111.6million year-to-year for the six months to June.
The high street lender reported a pre-tax profit decline of 24.5 per cent to £111.6million year-to-year for the six months to June
TSB's revenues fell by 6.1 per cent to £548.7million for the interim period. If you have any type of questions concerning where and the best mortgage rates ways to utilize mortgage calculator 2nd home, you can contact us at the site.
Robin Bulloch, chief executive officer at TSB, said: 'Our focus in 2024 is making TSB simpler and easier to bank with, and I'm delighted to see more customers choosing TSB.
'We continue to make good progress against our strategy and I'd like to thank everyone at TSB for their continued efforts to support our customers and communities, helping them feel more money-confident.'
RELATED ARTICLES
Previous
1
Next
TSB to close one in six branches: More than 6,000 shut by... Workspace ups dividend as flexible office provider's rent... Firms using electronic monitoring on staff working from home... IWG's profits surge amid 'Big Bang' of hybrid working:...
Share this article
Share
HOW THIS IS MONEY CAN HELP
How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account
In May, the bank faced backlash after announcing plans to close one in six of TSB's branches - taking the total shut by the country's biggest lenders to over 6,000 in the past nine years.
In a move that will cost 250 jobs, the high street lender said it is axing 36 of its remaining 211 sites, leaving it with just 175.
The plan, which will see branches closed between September this year and May, was branded a 'grave mistake' by critics. Following the closures, TSB will have shut 459 branches since 2015.
That will take the number closed by Britain's biggest banks in the past nine years to 6,006, according to consumer group Which?.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Learn More
Learn More
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
Learn More
Learn More
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Learn More
Learn More
Saxo
Saxo
Get £200 back in trading fees
Learn More
Learn More
Trading 212
Trading 212
Free dealing and no account fee
Learn More
Learn More
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best mortgage rates investing account for you
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