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City of London

TSB’s Profit Jumps on UK Rate Hikes Despite £49 Million Fine

British retail bank TSB’s profit jumped in 2022 on the back of the Bank of England’s interest rate increases and “strong growth” in mortgage volumes. 

The lender’s full-year pretax profit rose 16.5% to £184 million ($228 million) compared to 2021, TSB’s owner Banco de Sabadell SA said Thursday. Net interest income — the money a bank makes in interest on loans compared to what it’s paying in interest on deposits — was up 13%, while higher service fees for credit cards helped boost commissions.