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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. 

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. If you enjoyed this post and you would certainly such as to obtain even more info relating to mortgage calculator on line kindly go to the webpage.  

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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