TSB Banking Group Limited
Registered name: TSB BANKING GROUP LIMITED
Part of Banco Santander, S.A groupTSB Banking Group Limited made £1.2bn revenue and £259m profit in the year to 31 Dec 2025.
TSB Banking Group Limited’s revenue grew 4% to £1.2bn in the year to 31 Dec 2025, with £259m profit and 4,733 employees. The company is classified under “activities of head offices” and is based in London; we hold 3 years of its filed accounts.
- Status
- Active
- Location
- London, London
- Age
- 12 yrs · since 2014
- Type
- Private Limited Company
Pass-through vehicle. This looks like a holding, staffing or umbrella company. Its revenue and profit may largely pass through to or from other entities, so the figures may not reflect a standalone operating business. It is excluded from our opportunity lists.
Part of a group. The filing indicates this company sits within a group structure, so its results may depend on intra-group trading and it may be hard to replicate independently.
Key figures
Badges are automated estimates derived from the filed figures — not statements of fact about the company.
Financial history
| Year to | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2025 |
|---|---|---|---|
| Disclosure | Full P&L | Full P&L | Full P&L |
| Profit & loss | |||
| Revenue (turnover) | £1.2bn | £1.1bn | £1.2bn |
| Operating profit | £306m | £321m | £397m |
| Profit before tax | £237m | £290m | £350m |
| Profit after tax | £175m | £208m | £259m |
| Profit (best available) | £175m | £208m | £259m |
| Employees (average) | 5,568 | 5,047 | 4,733 |
| Ratios | |||
| Profit margin | 15.1% | 18.2% | 21.9% |
| Revenue per employee | £208k | £226k | £250k |
| Profit per employee | £31.4k | £41.2k | £54.8k |
| Growth (year on year) | |||
| Revenue growth | — | ▼1.4% | ▲3.6% |
| Profit growth | — | ▲18.9% | ▲24.7% |
| Headcount growth | — | ▼9.4% | ▼6.2% |
| Balance sheet — indirect signals, not revenue | |||
| Net assets | — | — | — |
| Source | Accounts · bulk data Feb 2025 | Accounts · bulk data Feb 2025 | Accounts · bulk data Feb 2026 |
How the business works
- Profit margin
- 21.9%
- Profit ÷ revenue.
- Gross margin
- —
- Gross profit ÷ revenue. High for software and services.
- Revenue per employee
- £250k
- Revenue ÷ average employees.
- Profit per employee
- £54.8k
- Profit ÷ average employees.
- Cash conversion
- —
- Cash generated from operations ÷ operating profit. Needs a cash-flow statement.
- Fixed assets ÷ revenue
- —
- Capital intensity. Low = capital-light, cheaper to start.
- Deferred income ÷ revenue
- —
- Customers paying upfront (subscriptions, deposits). Approximate when combined with accruals.
- Debtors ÷ revenue
- —
- Money owed by customers. Low = customers pay quickly.
Balance-sheet signals
Year-on-year changes in filed balance-sheet items. They can hint at momentum (or investment) but are not revenue or profit and must not be read as such.
- Net assets
- —
- Now —
- Cash at bank
- —
- Now —
- Headcount
- ▼6%
- Now 4,733
- Deferred income
- —
- Now —
- Fixed assets
- —
- Now —
Group structure
Ownership chain
- Banco Santander, S.A (registered outside the UK register)ultimate parent75–100%
- Santander UK Group Holdings PLC75–100%
- Santander UK PLC75–100%
- TSB Banking Group Limitedthis company
Bands show the share of ownership each company holds in the one below it.
Subsidiaries (1)
- TSB Bank PLCRev. £1.2bn · Profit £251m
Sister companies (18)
- TSB Bank PLCRev. £1.2bn · Profit £251m
- 2 & 3 Triton LimitedLiquidationFigures not disclosed
- Abbey National Nominees LimitedFigures not disclosed
- Abbey National Property InvestmentsFigures not disclosed
- Alliance & Leicester Personal Finance LimitedFigures not disclosed
- Navigator Global LimitedFigures not disclosed
- Sabi Hotels LimitedFigures not disclosed
- Santander Asset Finance PLCFigures not disclosed
- Santander Cards UK LimitedFigures not disclosed
- Santander Consumer (UK) PLCFigures not disclosed
- Santander Estates LimitedFigures not disclosed
- Santander Guarantee CompanyLiquidationFigures not disclosed
- Santander Isa Managers LimitedFigures not disclosed
- Santander Lending LimitedFigures not disclosed
- Santander Private Banking UK LimitedFigures not disclosed
- Santander UK (Structured Solutions) LimitedFigures not disclosed
- Santander UK Operations LimitedFigures not disclosed
- Santander UK Technology LimitedFigures not disclosed
From the Persons with Significant Control register (corporate controllers only).
Sources
Latest figures from accounts for the year to 31 Dec 2025 (profit £259m), from the Companies House accounts bulk data published Feb 2026. Spotted an error? Request a correction.
Contains public sector information from Companies House licensed under the Open Government Licence v3.0. Data from Companies House, © Crown copyright. View the licence.