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TSB reports £9.2bn of gross mortgage lending for 2021

  • 28/01/2022
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TSB reports £9.2bn of gross mortgage lending for 2021
TSB reported £9.2bn of gross mortgage lending in 2021 and a record year of new mortgage lending.

According to its latest annual results, its gross mortgage lending helped grow its total customer lending year-on-year by £4.1bn to £37.4bn.

TSB said 2021 was a record year for new mortgage lending, with a total of £9.1bn. Last year, its new mortgage lending came to £6bn. Its statutory profit before tax for 2021 was £157.5m, which is up from pre-tax statutory loss of £204.6m in 2020.

Its said this was due to an “improved economic outlook, sustained balance sheet growth and focused cost efficiency”.

Its total income also grew by 9.5 per cent, an increase of £85m to £980m, which it partially attributed to its core mortgage balance growth.

The firm said it reduced operating expenses, which fell by £30.4m to £797.3m. It said this was due to lower resource and property costs and a more normalised level of investment spend.

It added that its total income had grown by 9.5 per cent year-on-year to £980m, which it said reflected core mortgage balance growth and higher current account income.

The company confirmed it had closed 153 branches in 2021 and added that it would close 70 branches in the coming year. This means that TSB will have over 220 branches remaining.

Robin Bulloch, TSB’s interim chief executive, said: “This is a great set of results. With a focus on delivering our Money Confidence purpose, we have seen outstanding income growth in 2021, made improvements in the products and services we offer customers, and become a more efficient and resilient bank.

“I want to thank everyone at TSB for their collective efforts in delivering this, as well as their ongoing work to help our customers and communities feel more money confident.”


Outlook for the year

The report said TSB was on track to deliver balance sheet growth, cost efficiency and profitability that it had outlined in its 2019 growth strategy.

It said its robust capital and liquidity position meant it was “well placed” to navigate headwinds from uncertainty around economic recovery.

TSB warned that the economic environment was “difficult to predict”, however, pointing to consumer spending levelling off and inflation impacting house and business budgets.

It also said there was an “elevated” level of regulatory change across the industry such as consumer duty, capital regulations and corporate reforms.

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