TSB experienced a 24.5% profit drop to £111.6m due to challenging market conditions and high interest rates, affecting mortgage margins.
High street lender TSB reported a 24.5% drop in profits for the six months to June, citing "challenging" market conditions and high interest rates as reasons for reduced mortgage margins. The bank, a subsidiary of Spain's Banco Sabadell, posted a pre-tax profit of £111.6m, down from £149.5m in the same period last year. The bank paid out more interest to savings customers amid UK interest rates at a 16-year high of 5.25%, resulting in elevated mortgage rates.
8 months ago
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