TSB staff to share £28m windfall after bank’s profits rise 169%
- Credit: copyright: Archant 2013
High street lender TSB is set to pay out £28m to its 7,700 employees after an impressive jump in pre-tax profit last year.
The bank said statutory pre-tax profit rose 169% to £182m in 2016 from £67.6m a year earlier, amid an 11.4% jump in lending to £29.4bn, and a 13.6% rise in customer deposits, which also reached £29.4bn.
When stripped of one-off items and currency effects, pre-tax profit rose 68.1% to £177.7m.
TSB is now preparing to shell out £28m to its 7,700 employees – a £2.5m rise on the bonus award paid out last year.
Most will receive a payout equivalent to more than six weeks' pay or 12.5% of their basic salary.
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Chief executive Paul Pester said: 'When we launched TSB back in 2013, we set out to do our bit to break the stranglehold of the big five banks and bring a different sort of banking to the UK. Three years on, we've shown that a bank focused on serving local communities can really thrive.'
He added: 'We've grown at twice the pace we aspired to back in 2014. More people chose TSB than ever before in 2016 and we are now Britain's most recommended high street bank.'
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TSB was spun out from Lloyds Banking Group in 2013 and then taken over by Spanish rival Banco de Sabadell in 2015.