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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.

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%.

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Tesco 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.