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Tesco increase PPI provision by £85million

17th March 2013

Tesco reported that the bank made a trading profit of £191m last year, a fall of 15.1% on 2011.

In its latest annual report, Tesco said: "During the second half of the year, in line with others in the banking industry, we started our full-scale proactive customer contact programme for customers who were sold payment protection insurance in the period prior to 2007.

"As a result of this activity and the contact received directly from customers relating to PPI, the Bank has made a further increase of £85m to the provision in the second half, taking the total charge for the year to £115m and the cumulative charge to £222m."

Posted in PPI, Tesco Bank, PPI Scandal, UK Banking

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