TSB plummets to €230m loss amid impairments and branch closures

TSB has slumped to a £204m pre-tax loss (Aaron Chown/PA)

TSB Bank has plunged to a £204m (€230m) loss after income was hit by the Covid-19 pandemic, after a rise in customer lending was offset by impairments, restructuring costs and reduced consumer spending.

The Spanish-owned high street bank said it dived to the loss, from a £46 million (€51.9m) pre-tax profit in the previous year, after the weak economic outlook resulted in a £164 million (€185m) impairment.