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| Standalone TSB picks up customers | Standalone TSB picks up customers |
| (36 minutes later) | |
| Newly independent TSB says it is attracting more new customers than it had expected. | Newly independent TSB says it is attracting more new customers than it had expected. |
| The bank, which was spun off as a separate business by Lloyds Banking Group in June, said nearly one in 10 new bank account customers in the UK were choosing TSB. | The bank, which was spun off as a separate business by Lloyds Banking Group in June, said nearly one in 10 new bank account customers in the UK were choosing TSB. |
| TSB's third-quarter profit before tax fell sharply compared with a year ago, after operating expenses rose. | TSB's third-quarter profit before tax fell sharply compared with a year ago, after operating expenses rose. |
| Profits for July to September were 14% lower than a year earlier at £33.1m. | |
| But revenue for the quarter swelled 18% to £199m. | But revenue for the quarter swelled 18% to £199m. |
| Owner Lloyds floated a 38.5% stake in TSB on the London Stock Exchange in June under instruction from EU regulators as a condition of its bail-out during the financial crisis. | Owner Lloyds floated a 38.5% stake in TSB on the London Stock Exchange in June under instruction from EU regulators as a condition of its bail-out during the financial crisis. |
| "While we have always been clear that we are on a five-year journey to grow TSB and its returns, it's great to see people right across Britain continuing to vote with their feet for TSB's local banking model," said chief executive Paul Pester. | |
| "Nearly one in 10 of all customers who opened new bank accounts or switched during the last quarter chose TSB - this is well ahead of our long-term target and is testament to the great service our TSB partners continue to deliver." | |
| The bank previously said its strategy would be to act as "a High Street bank, not a Wall Street bank". | |
| TSB promised its customers they would be able to telephone their local branches directly. | |
| Most other banks connect their customers to a central number for all inquiries. | |
| TSB highlighted a rise of 29% in profits in the third quarter of this year compared with the second quarter. | |
| The bank is the UK's seventh biggest lender. |