This primarily reflects the release of impairment provisions which won’t be repeated in 2022, driven by the improving economic outlook and resilient customer lending portfolios. Credit impairment charges have decreased significantly to £0.1m (2020: £164.0 million).This primarily reflects lower restructuring and branch transformation costs, a significantly lower remediation charge relating to the treatment of some customers in arrears, and lower migration related income. The net impact of one-off items represented a cost of £25.1 million in 2021 (2020: £107.7 million).We have continued to simplify the business with operating expenses, reported on a management basis, decreasing £30.4 million (-3.7%) to £797.3 million, reflecting lower resource and property costs and a more normalised level of investment spend.A lower proportion of unsecured balances is the primary driver of a 0.03% reduction of TSB’s Net Interest Margin to 2.44%. This reflects core mortgage balance growth and higher current account income. Total income, as measured on a management basis, increased £85.3 million (+9.5%) to £980.0 million.Customer deposits at £36.0 billion increased by £1.6 billion (+4.6%) in 2021, reflecting a slower rate of growth compared to 2020 as consumer spending increased.Total customer lending at £37.4 billion increased by £4.1 billion (+12.2%) in 2021, with growth driven by a record £9.2 billion of gross mortgage lending.This reflects an improved economic outlook, sustained balance sheet growth and focused cost efficiency. Statutory profit before tax for 2021 was £157.5 million, against a pre-tax statutory loss of £204.6 million in 2020. This has been a successful year for TSB. TSB reports statutory profit before tax of £157.5 million Financial Results for the full year 2021:
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