TSB hails 'new chapter' after swinging to H1 profit
The bank reported a statutory pre-tax profit of £21.1 million in the six months to the end of June, versus a £107.4m loss in the same period last year.
It came as TSB tried to move on from last year's IT meltdown, which cost it millions in customer compensation and fraud losses.
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Hide AdAn additional £36.2m cost relating to the debacle was recorded in the period, adding to a bill of £330m spent in 2018.
New boss Debbie Crosbie, who replaced Paul Pester in the wake of the scandal, said the business has "begun a new chapter".
She stated: "We are beginning to see the benefits of our new platform for our customers, including a faster mortgage applications process and the introduction of new digital capabilities like identity verification on our mobile app."
The lender said it now has more than five million customers, including 3.8 million current accounts. Total customer deposits increased by 2.6 per cent to £29.8bn, thanks to a "successful" ISA season.
Mortgages, excluding the closed Whistletree portfolio, returned to growth.
Stripping out the IT costs, management profit was down 27.9 per cent to £57.6m, due to pressure on mortgage margins and tighter regulations.
Crosbie added: "Since joining the business in May, I have been incredibly impressed by the commitment and passion my colleagues have to serve our customers, and I firmly believe that TSB has all the right capabilities to be the leading UK challenger bank.
"My priority, along with my new executive team, will be to renew our focus on our customers and create our three-year strategy. This work is well under way, and we will share full details later this year. These results show we’re already on our way to building on our strengths to shape TSB’s future success.”