TSB has reported a 6.1% decline in income for the first half of the year, falling to £548.7m. The decrease is attributed to lower mortgage margins in challenging market conditions and increased interest payments to savings customers.
Despite these challenges, TSB has made significant progress against its current strategy, which included cutting branches earlier this year. Customer deposits decreased by £0.4bn to £35.0bn year-on-year, but deposits have increased slightly since the start of the half-year due to demand for key savings accounts. Credit impairment charges also fell by £8.6m to £19.1m for the period.
TSB’s mortgage intermediary and operations team assisted over 7,800 first-time buyers in getting onto the property ladder.
The bank has also proactively contacted over 190,000 customers at heightened risk of financial difficulty to offer assistance and support. TSB quickly implemented the Government’s Mortgage Charter and extended similar support to buy-to-let customers.
Additionally, TSB held over 21,000 mortgage video appointments and more than 23,000 general banking appointments via video, with almost a third of these occurring outside regular hours.
New features have been added to the TSB Mobile Banking app, including mobile cheque deposit, contactless controls, gambling blocks, and a new Mortgage Servicing Hub.
Robin Bulloch, TSB’s chief executive officer, 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.”
