Edinburgh-headquartered Tesco Bank is celebrating its 20th birthday with a strong set of results for the 12 month period to the end of February.
At group level, Tesco posted a rise in profits of almost 800% to £1.3bn for fiscal 2017 with Tesco Bank contributing £173m, a year-on-year rise of 10%.
Tesco Bank highlights include:
- Growth of 4.1% in active customer account numbers across its primary products;
- Completing the roll-out of Tesco Bank’s digital wallet offering, Tesco Pay+, to every one of its stores in the UK;
- Total lending is up by 15.7% y-o-y to £11.5bn, and
- A rise in customer deposits of 9.2% to ££9.2bn.
In July 2017, Tesco Bank celebrated the fifth anniversary of the launch of its mortgage product which has now reached £3.0bn in balances.
Tesco Bank has now opened over 300 Travel Money Bureaux, selling over £1bn worth of currency per year and serving more than 3.7 million customers.
Results a fitting testament to Benny Higgins
One of the outstanding retail bankers of his generation, as well as being one of the most likeable and quotable, Benny Higgins led Tesco Bank as CEO from 2008 until stepping down in February.
On 1 March, Higgins joined fintech Kyckr’s board of directors as non-executive chair; Higgins has also been asked by the Scottish government to assist in the establishment of a Scottish National Investment Bank for Scottish infrastructure investment.