"Whilst we saw customers pause for thought following the EU referendum, confidence quickly returned with customers continuing to choose TSB."
TSB's interim results show a 229% rise in statutory profit to £161.6m over the same period.
Total customer lending rose to £28.6 billion, up 8.5% from £26.4 billion at 31 December 2015, with TSB franchise customer lending up 14.0% at £24.1 billion.
Franchise mortgage lending has increased by 15.7% since December 2015 and TSB has reported record applications for remortgages in Q3.
Paul Pester, TSB Chief Executive Officer, commented: “Three years ago we set out to bring a different sort of banking to the UK – the sort of banking we believe customers want and deserve. Three years in I’m delighted that customers continue to vote with their feet for TSB’s “local banking” model and continue to choose TSB for their banking, savings and mortgages. I think this is a strong endorsement of TSB’s approach where, for instance, we threw sales targets out of the window long ago, where we’ve introduced a partnership culture and where we reward our partners with a flat award from branch to Boardroom.
“Looking forward, these are, of course, uncertain times. And, whilst we saw customers pause for thought following the EU referendum, confidence quickly returned with customers continuing to choose TSB. This summer for instance, we saw a significant increase in the number of homeowners choosing TSB to remortgage their homes. In addition, TSB now offers customers its new and innovative ‘Pick and Protect’ home insurance, enabling customers to insure only what they want, when they want to insure it.
“Whilst we were really disappointed that the Competition and Markets Authority missed their golden opportunity to make the banking market work for all UK consumers, we won’t rest in our mission to continue to bring more competition to UK banking and ultimately make banking better for all UK consumers. However, we can’t do this alone. So, we will continue to work closely with the Government and regulators in an attempt to bring the full force of competition to bear on the UK banking market.”
