You are here: Home - Saving & Banking - News -

TSB returns to profit and takes on 200,000 account customers

Written by: Paloma Kubiak
TSB swung into profit in 2019 and over 200,000 customers opened a bank account with the lender as it looks to put its IT fiasco firmly in the past.

The bank generated a profit before tax of £46m in 2019, up from a pre-tax loss of £105.4m in 2018 following its IT meltdown which left customers locked out of accounts and subject to fraud.

It also led to the chief executive Paul Pester stepping down, a £330m bill for the chaotic IT migration and an exodus of customers.

However, new chief executive Debbie Crosbie said 2019 was a ‘turnaround year’ for the bank as 200,000 customers opened or switched bank account to TSB.

This helped it generate a 3.7% increase in customer deposit balances from £29.1bn to £30.2bn.

TSB’s mortgage lending book also grew 3.6% from £30bn to £31.1bn.

Crosbie 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.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Married couples urged to check tax returns as they could have overpaid

Couples who claimed the Marriage Allowance in 2018/19 and who have already submitted a tax return are urged to check...