TSB Reports 20.7% Rise in Pre-Tax Profits Ahead of Santander Takeover

TSB reported a 20.7% increase in pre-tax profits to £350.4m for 2025, driven by cost reductions and income growth. Loans to customers fell 0.2% to £36.3bn in a "challenging lending market." CEO Marc Armengol will step down to head Sabadell, and the TSB brand may be phased out after Santander's takeover, expected to complete in H1 2023.