The chief executive of TSB is set to receive £782,000 while the rest of the workforce have been awarded bonuses worth nearly 12% of their 2022 pay after the company revealed record profits.
Robin Bulloch, who took over from Debbie Crosbie last April as the bank’s chief executive, will enjoy a lump sum that almost matches his £875,000 salary – taking his total pay for 2022 to £1.8m.
The high street bank reported an increase in annual earnings of 16.5% to £182.5 million last year thanks to a rise in intertest rates that meant it could charge customers more.
As a result, its 5,700 employees and executives will benefit from the bonus pot that is 10.2% bigger than last year, collecting payouts worth 11.8% of their salaries. For loans and mortgages
Announcing their 2022 results, Bulloch said: “In challenging and unpredictable economic circumstances, TSB continues to be a relevant, purpose-driven brand offering the banking products and services our customers need most.
The profits mean the bank is on now track to pay a dividend to its Spanish owner Sabadell for the first time since it was bought from Lloyds for £1.7bn eight years ago.
Bulloch added: “With a relentless focus on improving our service, and more satisfied customers, we have delivered a strong set of results for 2022. This includes balance sheet growth, reduced underlying costs, and improved overall profitability. And, for the first time, TSB will pay a dividend to our parent company, Sabadell.
“I want to thank all of my colleagues for rising to meet the challenges of the past year and helping to build our customers’ money confidence, at a time when this has never been more important, as well as enthusiastically getting behind our growth strategy for the coming years.”
