Tesco is targeting further growth in its banking business, which helped the retailer record record profits of £3.8bn for the year to the end of February.
The retail giant's latest annual results show Tesco Bank's trading profit in 2010/11 rose 5.6% to £264m compared to the previous year. Revenues also increased by 6.9% to £919m. It highlighted savings, loans, credit cards and car insurance as strong growth areas and in particular singled out its Fixed Rate Saver product, which ended the year with a balance of £397m, 40% higher than planned. Overall, Tesco reported profits were up 12.3% to £3.8bn from sales of £67.6bn, although the company has admitted improvements are needed in its UK operations, with the bulk of profits coming from As...
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