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Tesco's banking arm grows profit by 13% MarketWatch

20.04.10

. For now, Tesco restricts itself to activities including making personal loans; selling car, life and pet insurance; and selling foreign exchange.

But the supermarket giant is applying for permission to sell mortgages by the end of the current fiscal year, and it's targeting deposit taking in the second half of 2011.

It sports a Tier 1 capital ratio of 13% -- making it among the best capitalized of any U.K. bank -- though the news wasn't all good as bad-debt charges climbed 32% to 177 million pounds.

"Overall, Tesco Bank has delivered a good performance in a challenging retail banking market," the company said. "Bad-debt levels rose during the year but have now stabilized and throughout have remained below industry averages. We have absorbed additional costs as we begin the process of moving the business onto its own infrastructure and build the team as we prepare the business for faster growth."

Analysts say the bank has potential to crack a landscape dominated

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