Tesco has announced its annual results today, making a pre-tax profit of over Â£3billion in 2009.
Also included in the announcement was news of Tesco Bank’s entrance into the mortgage market, which it expects to be in a position to do by the end of the year, subject to approval by the Financial Services Authority (FSA).
Tesco also announced that it has acquired new premises for banking and insurance purposes in Newcastle and Glasgow, which should open in mid-2010.
Their annual results showed that their banking arm made a profit of Â£114million in 2009, 40% down on the previous year, although it took a big knock with the purchase of the RBS stake in Tesco Personal Finance (subsequently rebranded Tesco Bank).
photo credit: AdamKR