TSB Bank s chief executive has said its underlying performance has much improved despite falling to a massive loss last year.
The Edinburgh-based group made a £204million pre-tax loss compared to a £46million profit in 2019 as the bank took impairment charges of £164million related to the poor economic outlook.
It was also hit by a near doubling in restructuring costs arising from its three-year strategic plan to improve its digital channels and close a considerable number of branches.
TSB Bank made a £204million pre-tax loss compared to a £46million profit in 2019
The business had initially planned to shut 82 branches in 2020, but it closed another 21, and announced in September that it would close 164 in 2021, with around 900 jobs going simultaneously.