Tesco Bank increases lending commitments
The bank’s interim financial report stated that in August its commitment to lend stood at £7.7bn, up from £7.4bn in Feburary.
This includes formal standby facilities, credit lines, mortgage offers made but not drawn down and other commitments to lend.
The amount is intended to provide an indication of the volume of business transacted and not for the underlying credit or other risks.
Overall, Tesco Group reported pre-tax profits of £1.662m, an 11.6% decrease in profits on last year’s figures.
Chief executive, Philip Clarke, said:“We continue to act decisively to tackle challenges and seize opportunities across the Group.
“In April, I set out our plans to ‘Build a Better Tesco’ in the UK. We have been hard at work and I am encouraged by our customers’ initial responses to the changes we have made.”