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High Street bank TSB returns to profit thanks to record mortgage lending
High street bank TSB has revealed it returned to profit in 2021 thanks to record mortgage lending and a bounce back in the wider economy.
The Spanish-owned lender posted annual pre-tax profits of £157.5m against losses of £204.6m in 2020.
It comes after TSB notched up its highest-ever gross mortgage lending at £9.2 billion for the year, up 50.3 per cent on a year earlier.
The bank’s results were also boosted as cash set aside for bad loans plunged to just £100,000, down from £164 million in 2020 at the height of the pandemic.
TSB’s results come less than two months after it announced the closure of 70 bank branches across the UK, taking its network down from 290 to 220 by the end of June 2022.