The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
British retail bank TSB’s profit jumped in 2022 on the back of the Bank of England’s interest rate increases and “strong growth†in mortgage volumes.
The lender’s full-year pretax profit rose 16.5% to £184 million ($228 million) compared to 2021, TSB’s owner Banco de Sabadell SA said on Thursday.
Net interest income — the money a bank makes in interest on loans compared to what it’s paying in interest on deposits — was up 13%, while higher service fees for credit cards helped boost commissions.
The reported profit includes the £48.7 million fine UK regulators had imposed on TSB for risk management shortcomings after technical failures in the lender’s IT system resulted in customers being unable to access banking services.
Sabadell has been Europe’s third-best performing banking stock in the past 12 months, with shares up almost 57%, according to data compiled by Bloomberg.