TSB back in profit after IT debacle

TSB said it has begun a “new chapter” following last year’s IT meltdown, as it returned to profit in the first half.

The bank reported a statutory profit before tax of £21.1 million in the six months to the end of June, versus a £107.4 million loss in the same period last year.

It came as TSB tried to move on from last year’s IT meltdown, which cost it millions in customer compensation and fraud losses.

An additional £36.2 million cost relating to the debacle was recorded in the period, adding to a bill of £330 million spent in 2018.

New boss Debbie Crosbie, who replaced Paul Pester in the wake of the scandal, said the business has “begun a new chapter”.

“We are beginning to see the benefits of our new platform for our customers, including

“These results show that we’re already on our way”