TSB profits hit by lower mortgage margins - this is what it means

The high street bank said its profits had been impacted by "challenging" market conditions. What is the outlook for TSB?

Sign For High Street Bank TSB
(Image credit: Getty Images)

Profits at TSB dropped by almost a quarter in the six months to the end of June on the back of lower margins from the UK lender’s mortgage business. 

The high street bank, which is part of Spain's Banco Sabadell, posted pre-tax profits of £111.6 million during the period, down 24.5% against the same six-months a year earlier.

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Chris Newlands

Chris is a freelance journalist, and was previously an editor and correspondent at the Financial Times as well as the business and money editor at The i Newspaper. He is also the author of the Virgin Money Maker, the personal finance guide published by Virgin Books, and has written for the BBC, The Wall Street Journal, The Independent, South China Morning Post, TimeOut, Barron's and The Guardian. He is a graduate in Economics.