British lender TSB's Q1 current accounts top target

April 29 (Reuters) - New British lender TSB Banking Group Plc first-quarter new and switching bank accounts share increased to 7.9 percent, above its target of 6 percent.

TSB, which last month agreed to a takeover by Spain's Sabadell for $2.5 billion, said it had received over 700 million pounds of gross mortgage applications through its newly launched TSB mortgage broker service by the end of the quarter.

"TSB is starting to fire on all cylinders as we take on the big banks in our mission to bring more competition to UK banking," Chief Executive Paul Pester said in a statement.

TSB, Britain's 7th biggest lender after being hived off from Lloyds Banking Group last June, posted a group profit before tax on a management basis for the three months to March 31 of 34.2 million pounds, up 153.3 percent from the fourth quarter of last year. (Reporting by Aashika Jain in Bengaluru; editing by Jason Neely)

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