Tesco Bank profits up 66%; PPI provision raised

This takes Tesco Bank's profits for the first half of the year to £44m through sales of loans, insurance, credit cards and savings accounts. However, the bank did not escape the PPI sales debacle earlier this year, due to its joint PPI venture with RBS. Its profits would have been £101m without the extra provision it needed to take in case of future PPI mis-selling claims. "Whilst the level of claims to date has been modest (£16m), as a result of this review, we have decided to increase our current provision, which was originally set up in 2009, by a further £57m to £92m," the res...