TSB says its record annual performance will allow it to pay a dividend to Banco Sabadell for the first time, offsetting the cost of a recent fine over the failed IT migration.
TSB says it is planning to pay its owner an annual dividend for the first time, offsetting the fine of almost £50m it received last month for its infamous IT meltdown in 2018.imposed on TSB by UK regulators had pushed its UK unit to a quarterly loss between October and December - damaging the group's profitability in the final quarter of the year.
TSB, it said, fell to a €6m loss over the three months - driven by the impact of the fine imposed by the Financial Conduct Authority and Bank of England's Prudential Regulation Authority over the historic PR disaster that blocked millions of customers from their accounts for up to several weeks when an IT migration went wrong.They showed that, despite the fine, it managed to achieve record statutory profit before tax of £183.5m.
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