The IT meltdown for TSB in 2018, cost the bank £105.4m loss compared to the £162.7m profit made in 2017. The attempt to move their IT system resulted in costs of £330.2m in income.
Bank further said, dealing with customer compensation and fraud also had an impact, however TSB is to recover £153 from Sabis, their IT provider.
Richard Meddings, executive chairman of 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.”