High street bank TSB has seen first-quarter profits nearly double thanks to cost-cutting and as mortgage lending surged amid a rush of house sales ahead of last month’s stamp duty deadline.
The lender – owned by Spanish bank Sabadell – posted pre-tax profits of £101.3 million for the first quarter, up from £53.4 million a year ago, as operating costs fell 4.7% on efforts to make savings and “further simplify the business”.
