TSB has reported a pre-tax loss of £105.4m for the year to 31st December 2018 as a result of the IT migration issues that the bank faced over the course of last year.
This is down on the £162.7m profit recorded for 2017.
The bank has recognised post-migration costs, including customer compensation, additional resources and fraud.
In addition, it has recognised foregone income of £330.2m, partially offset by the provisional recovery of £153m from its IT provider Sabis.
Despite these issues, TSB reported that around 140,000 customers opened a new account or switched to TSB in 2018, compared with around 80,000 who moved away.
The bank now has over five million customers in total and resolved around 90% of the customer complaints it has received since migration.
Its total customer lending stood at £30bn as of 31st December 2018, with customer deposits at £29.1bn.
Richard Meddings, executive chairman at TSB, said: “Last year was TSB’s most challenging year.
“But we enter 2019 with renewed ambition to re-emerge as the leading challenger bank in the UK — firmly on the side of the customer.
“In addition to continuing to improve our offer for consumers, we are going to make a significant move into business banking.
“We have a multi-million-pound investment programme underway to help us grow our business banking offer across every town and city we serve — as the only challenger bank with a nationwide branch network, and we were named in December as part of the incentivised switching scheme.
“While the migration caused considerable difficulties, we’re now a stronger bank, operating on a more coherent and modern platform, and able to service more customers than ever before.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Leek United reveals mortgage rate reductions
Leek United has revealed rate reductions for two of its most popular mortgages...
Gravity selects Finastra to power banking and lending services
Gravity has selected Finastra’s Fusion Essence in the cloud solution for its end-to-end core banking capabilities...
An interview with Paul Stockwell: Islamic finance has ‘enormous opportunity’ for growth over coming years
In an interview with Specialist Banking, Paul Stockwell, chief commercial officer at Gatehouse Bank (pictured above), discusses increasing awareness of Islamic finance and opportunities in the banking world...
Revolut for Business launches expense management tool
Revolut for Business has launched a new expense management tool designed to simplify the handling of expenses for growing businesses...
Leek United strengthens intermediary team
Leek United Building Society has strengthened its intermediary team with five new appointments...
BCR awards £10m to Atom bank
Atom bank has received a £10m grant as part of the Capability and Innovation Fund Pool C grants announced by the board of Banking Competition Remedies (BCR)...
Bank of Ireland UK updates broker portal
Bank of Ireland UK has revealed that it has relaunched its broker portal...
Unity Trust Bank increases lending by 47%
Unity Trust Bank has reported an underlying pre-tax profit of £4m in H1 2019, an increase of £1.2m compared with H1 2018...
Taxing times for SMEs
Small business owners are the most creative and resilient individuals I know...
Metro Bank to open first store in the Black Country
Metro Bank is set to open two stores on 20th and 21st September in Solihull and Merry Hill...
TMA Club adds Harpenden Building Society to lender panel
TMA Club has added Harpenden Building Society to its lender panel, giving its members access to the building society’s range of mortgage products...