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Tesco Bank posts 144% rise in pre-tax profit

Tesco Bank

Tesco Bank has reported that profit before tax for the six months ended 31st August 2017 was 143.9% higher than for the same period last year.

In its interim financial report, the bank announced a pre-tax profit of £112.2m for the six months ended 31st August 2017, compared with £46m during the same period in 2016.

Tesco said the pre-tax profit growth reflected the impact of PPI charges of £45m and restructuring charges of £21.8m taken in the prior period. 

Underlying profit before tax was 4% down at £110.7m (August 2016: £115.3m). 

Tesco saw loans and advances to customers increase by 8% to £10.8bn, compared with £10bn in February 2017. 

Mortgage balances reached £2.5bn (February 2017: £2.2bn) as the lender’s product range continued to expand into the intermediary broker market. 

The Tesco Bank mortgage intermediaries broker panel now has over 4,400 registered advisers. 

Tesco has also reported growth in both credit cards and personal loan balances of 5.8% and 5.2% respectively. 

Tesco stated: “The ambition of Tesco Bank is to ‘be the bank for people who shop at Tesco’. 

“The group’s strategy to make it easier for Tesco customers to bank and insure with the group is achieved by offering customers great value across all of the products offered by the group and earning their trust through the group’s actions. 

“The group aims to achieve this through targeted investment in technology and data to simplify processes, making life simpler for both customers and colleagues and driving efficiency that can be reinvested in the customer offer.” 

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