TSB banks profits increase

TSB Bank said its 2014 pretax profit rose 2.3 per cent as it picked up customers from established rivals and said it would consider acquisitions to accelerate its expansion.
TSBTSB
TSB

TSB, which became Britain’s 7th biggest lender after it was hived off from Lloyds Banking Group last June, said it had taken an 8.4 per cent share of all new personal current accounts opened over the past year with almost 500,000 new TSB bank accounts set up in 2014.

The bank is targeting lifting its share of the personal current account market to 6 per cent from 4.2 per cent when it listed on the London Stock Exchange. It said that it expected to pick up more than 6 per cent of all new current accounts opened in 2015.

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Paul Pester, chief executive of TSB, said: “2014 was a pivotal year for our business as we started to establish TSB as Britain’s challenger bank. We’ve exceeded the expectations we set out at the time of our IPO in June last year.”

TSB said it remained open to considering “appropriate inorganic growth opportunities as they arise”.

The bank said its pretax profit rose to £133.7m for the year ended December 31 from £130.7m in 2013.

British regulators are keen for new banks to challenge Britain’s big four lenders - Lloyds, RBS, Barclays and HSBC, which provide three-quarters of the country’s personal current accounts.