TSB suffered a loss of £105.4 million before tax in 2018, down from a profit of £162.7 million the year before, as it faced the impact of disruption to its IT systems last year. The bank's financial performance was "heavily impacted by the IT migration and subsequent service disruption",
Paul Pester The chief executive of TSB has welcomed the £775 million set aside by RBS for so-called 'challenger banks' as a "once in a generation opportunity to break the shackles" of the big banks, The Herald reports.
TSB's statutory pre-tax profits fell more than 10 per cent last year, largely due to a delay in launching its own IT system. The bank, which was spun off from Lloyds Banking Group in 2013, saw profits fall £19.3 million (10.6 per cent) to £162.7 million last year.