LYG Lloyds Banking Group Plc

LONDON-- TSB Banking Group PLC (TSB.LN) said it beat its target for the share of new and switching bank accounts it won in the quarter ended March 31 as it reported a lower pretax profit.

The pretax profit for the quarter ended March 31 fell to 34.3 million pounds ($51.4 million) from GBP102.8 million over the same period the previous year, on total income down to GBP222.8 million from GBP227.1 million.

The bank reported a 7.9% share of all new and switching bank accounts in the quarter, the fifth consecutive quarter it delivered above its target of 6% share.

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

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

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