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Gloucestershire Business News

TSB improves finances by £150million as it consigns IT problems to history

TSB is bouncing back after its much-publicised IT problems with the bank with a Gloucester base reporting it has returned to profit.

In their end-of-year report for 2019, TSB recorded pre-tax profits of £46million, compared to losses of £105.4million in the previous year.

In a statement released with the results the bank said, "the £151m improvement in financial performance was primarily driven by the non-recurring effect of the net migration-related costs and losses incurred in 2018."

Both the amount the company loaned and deposited grew in the year, with the former increasing by 3.6 per cent to £31.1billion, driven by a growth in mortgage lending.

Deposits also grew by £1.1billion was the amounts in current accounts grew while business banking deposits were also up by 20.7 per cent.

Debbie Crosbie, TSB's Chief Executive, said: "TSB is back to doing what it does best, focusing on serving customers and innovating to meet their needs.

"We have returned to growth, making good, steady progress in customer loans and deposits.

"We know that customers want something different and better from their bank.

"Every day, more of our customers are taking advantage of our improved digital offer for their banking and, as the only bank to offer a Fraud Refund Guarantee, we're on the side of the customer on the issues that matter to them.

"While the market remains competitive, I am confident that with our new strategy and clear purpose, TSB is well positioned to deliver even more for our customers."

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