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Bank to expand broker network this year




Tesco Bank has announced it will be further expanding its broker network during the second half of 2016.

The lender currently has made its mortgages available through 10 independent broker firms since entering the broker market in April this year.

Tesco has seen mortgage balances grow by 11.1% as they reached £1.9bn compared to £1.7bn in February 2016. 

The bank also reported underlying profit before tax was 8% higher at £115m compared to this time last year when the profit stood at £107m. 

However, an additional PPI provision charge of £45m during the past year has led to profit before tax falling by 54% to £46m compared to £100m last year. 

The figures come from the lender’s interim results for 2016, where the bank also revealed it is attempting to make Tesco Bank “be the bank for people who shop at Tesco”.

“The group’s strategy to deliver for the Tesco customer will be achieved by making banking and insurance easier; offering customers great value across all of the products offered by the group; and earning their trust through the group’s actions,” it stated.

“The group aims to achieve this through targeted investment in technology and data to simplify processes, making life simpler for both customers and colleagues and driving efficiency that can be reinvested in the customer offer.

“The group continues to deliver value to its customers and has helped even more customers to buy their home in the period.” 

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