TSB said its increased lending twice as quickly as expected at the time of its IPO in June 2014: 46% growth in customer lending was achieved, three years ahead of schedule. Total customer lending rose to £29.4 billion in 2016, up 11.4% from £26.4 billion at 31 December 2015.
Management profit before tax grew 68.1% to £177.7 million in 2016 from £105.7 million in 2015. Statutory profit before tax rose to £182.0 million in 2016, an increase of 169.2% compared to £67.6 million in 2015.
Paul Pester, TSB Chief Executive Officer, commented:
“When we launched TSB back in 2013, we set out to do our bit to break the stranglehold of the big five banks and bring a different sort of banking to the UK. Three years on, we’ve shown that a bank focused on serving local communities can really thrive.
“Last year also saw us all-but complete the build of our brand new, state-of-the-art, banking platform which we look forward to unveiling to customers towards the end of this year. This will help us offer more new and exciting products and services to our customers in the future, and accelerate our efforts to bring more competition to UK banking.
“I’m proud that since our re-launch back onto high streets across Britain we’ve been able to do our bit to make banking better for UK consumers, however, we can’t do this alone. We will continue to work closely with the Government, policymakers and regulators in an attempt to bring the full force of competition to bear on the UK banking market. Only then will the culture of UK banks finally shift to putting the interests of customers first.”
