TSB FY2019 posts a pre-tax profit of £46m compared with a loss of £105m in fiscal 2018.

Moreover, the TSB FY2019 results highlight a number of positive metrics.

For example customer loans rise by 3.6% to £31.1bn driven largely by growth in mortgage lending.

Meantime, customer deposits rise by 3.7% to £30.2bn reflecting growth in personal current account balances.

At the same time business banking deposit balances are up by 20.7% year-over-year.

TSB FY2019 highlights

Digital banking highlights include an 18% increase in mobile banking users compared to 2018. Over three quarters of customer transactions are now carried out in automated banking channels. Other digital highlights include TSB adopting Jumio’s selfie identification and verification solution. This means that customers can open an account instantly through the digital channel without the need to visit a branch.

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TSB FY2019 also reports a rise, albeit from a miserably low base, of its net promoter score. The NPS for fiscal 2019 is now +10 compared with -9 the previous year.

The bank also reports modest market share gains for current accounts. Its share of new personal current accounts is up by 30 basis points in fiscal 2019 to 3.9%.

On the other hand, TSB continues to face margin pressure.

TSB FY2019 less positive metrics

In fiscal 2019 the TSB net interest margin falls by 12 basis points year-over-year to 2.75%. At the same time operating expenses are up sharply rising 10% to £848m.

Debbie Crosbie, TSB’s Chief Executive, says: “TSB is back to doing what it does best. That is focusing on serving customers and innovating to meet their needs. We have returned to growth, making good, steady progress in customer loans and deposits.

“We know that customers want something different and better from their bank. Every day, more of our customers are taking advantage of our improved digital offer for their banking. And as the only bank to offer a Fraud Refund Guarantee, we’re on the side of the customer on the issues that matter to them.