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Tesco Bank Profits Suffer From PPI Repayments

Whilst it isn’t a firm that is necessarily associated with the controversy of the recent PPI scandal, it has been revealed that Tesco Bank’s profits were hit substantially as a result of claims by consumers to be repaid the insurance that had been missold over a number of years.

Profits for the supermarket’s bank over the first half of 2011 and 2012 have been listed at £44 million through a wide variety of loans, insurance, credit cards and savings accounts that have been sold to customers. However, due to the fact that the bank is actually a joint venture with Royal Bank of Scotland, it was estimated that their profits would actually have been £101 million had it not been for their mis-selling of payment protection insurance.

The results statement on the matter of the profits stated that ‘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.’

With the bank apparently planning to roll out new products (including mortgages and current accounts) over the next few years, it will be interesting to see how their reputation suffers from being involved in what was one of the most shocking financial scandals to occur within the last 20 years.

If you would like to find out more about PPI or work out how much you might be eligible to claim on our PPI calculator, visit Creditline Financial now.

Posted by Shaun Edwards on 14 Oct 2011

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