New bank TSB picks up customers as third-quarter profits rise


TSB, Britain’s seventh biggest lender after being spun out from Lloyds Banking Group in June, said its pre-tax profit rose to £33.1m, up 29 per cent from the second quarter.
The bank’s 9.7 per cent share of new current account openings during the quarter put it ahead of a long term target to grow its market share to six per cent.
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Hide AdIt had a 4.2 per cent share when it listed in London in June.
Lloyds was ordered to sell TSB by European regulators as a condition of Lloyds’ taxpayer-funded bailout during the financial crisis of 2007 to 2009. Splitting out TSB was intended to create a viable challenger to Britain’s biggest banks.
TSB wants to increase its balance sheet by 40 to 50 per cent over the next five years and is targeting a return on equity of 10 per cent or more.