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Operating income of Tesco Bank 2018-2020

Founded in 1997, Tesco Bank is a retail bank headquartered in the United Kingdom (UK). In September 2019, the Tesco Personal Finance Group plc sold off it's mortgage business to the Bank of Scotland plc. As of February 29th 2020, Tesco Personal Finance Group plc had operating profit of 69 million British pounds, almost half of the previous years result.

Challenger banks

The term 'Challenger Bank' is used as a description of banks and financial services that were created after the Global Financial Crisis and have made significant impact in 'challenging' incumbent large banks or have had a significant impact on the market. KPMG describe four main areas in which challenger banks have appeared in the market in the United Kingdom. These include full-service retail banks such as CYBG/Virgin Money, Metro Bank, TSB Bank and the Co-op, Specialist lenders such as OneSavings Bank and Aldermore, retailer banks including Tesco's and Sainsbury's and Digital Banks. As the newest and perhaps the most exciting facet of challenger banks, Digital banks are mobile app-based banks that do not have a physical presence on the high street. Due to their simplicity and ease of use they have attracted significant attention from customers and investors alike.

Operating profit of Tesco Personal Finance Group plc in the United Kingdom (UK) from 2018 to 2020

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Source

Release date

April 2020

Region

United Kingdom

Survey time period

February 28, 2018 and February 29, 2020

Supplementary notes

* restated following the retrospective adoption of International Financial Reporting Standard (IFRS) 15 'Revenue from contracts with customers' in the current period and a reclassification between interest and similar income and interest expense and similar charges.

** Restated following the retrospective adoption of IFRS 16 in the current year. Restated following the classification of the Mortgage business as a discontinued operation.

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Statistics on "Banking channels in the United Kingdom (UK)"

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