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last mo.

TSB Bank Reports 89% Profit Surge in Q1 2025

Cost-cutting measures and a mortgage rush ahead of the stamp duty deadline drive significant growth as parent Sabadell faces a hostile takeover bid.

Activity in the housing market picked up in March as buyers rushed to benefit from a stamp duty break
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Overview

  • TSB Bank posted pre-tax profits of £101.3 million in Q1 2025, an 89% increase from £53.4 million in the same period last year.
  • Operating expenses fell by 4.7% to £195 million, reflecting ongoing efficiency initiatives launched in 2024.
  • Secured lending rose 12% year-on-year to £1.5 billion, with over 3,000 new homes purchased in March, a 36% increase from the previous year.
  • Total customer lending grew by £100 million to £36.4 billion, supported by strong demand for mortgages, credit cards, and personal loans.
  • TSB’s parent company, Banco Sabadell, continues to navigate a hostile takeover bid from BBVA, with a Spanish government consultation on the proposal set to close on May 16.