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TSB sees 58% uplift in H1 mortgage applications

  • 22/07/2016
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TSB sees 58% uplift in H1 mortgage applications
TSB received over £3bn in mortgage applications through its intermediary channel in the six months to 30 June against £1.9bn in H1 2015, its latest performance update reveals.

The bank would not disclose its gross mortgage lending for the period but confirmed customer lending, which includes mortgages and personal loans, rose by 21% year-on-year in H1 to reach £23.1bn.

Statutory profit before tax at 30 June rocketed by 440% compared to H1 2015, to end the first half of the year on £125.4m; a rise of 182% from the £44.4m recorded at 31 December.

Its loan book, which includes unsecured loans and mortgages, received a £2.7bn boost, following the acquisition of Northern Rock customer homeloans in December 2015 taking its balance sheet to £27.9bn. The book increased £6.3bn year-on-year.

The bank said its strong performance in the first half of the year has left it well positioned to face the uncertainties and economic headwinds which may lie ahead due to the result of the EU referendum.

Paul Pester, TSB chief executive, said: “Looking forward, our mission remains unchanged.  In an uncertain world, TSB’s solid foundations, plus the additional firepower provided by Sabadell, will support our responsible growth strategy as we continue to make banking better for all UK consumers.”

In its outlook statement, the bank said the expectation of lower for longer interest rates and the contractual increases in its IT platform costs in 2017 will have a bearing on the financial performance in future periods.

On Monday, TSB set up a new home for the former Northern Rock mortgages and loans purchased from UK Asset Resolution (UKAR), under a custom-made brand called Whistletree.


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