Tesco Bank, the UK-based
banking arm of the world’s third-largest retailer, Tesco, has
posted a trading profit of £264m ($430.6m) for the 12 months to 26
February.
Tesco Bank revenues increased
by 6.9% to £919m.
Go deeper with GlobalData
Tesco said that its planned
mortgage launch, scheduled for 2011, was on target.
“The strong growth in the
bank’s deposit base means that we have a significant excess of
deposits over loans, as we build out balance sheet capacity ahead
of the planned launch of mortgages.”
Tesco Bank ended the financial
year with a Core Tier 1 capital ratio of 15.9%.
Tesco reported strong growth
in customer numbers: in active credit cards by
11%, personal loans by 17% and motor insurance by
8%.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTesco said
that its bad debt position “has significantly improved
year-on-year, with the charge to the income statement 26%
lower.”
Tesco’s fixed rate saver
product significantly exceeded expectations and ended the year with
a balance of £397m, 40% higher than targeted.
