Tesco Bank has reported a pre-tax profit (before exceptional items) of £89m for the first half of 2016, compared to £86m for the first six months last year.
Lending over the period was up 11.6% to £9.262bn from £8.297bn.
The bank’s revenue for the first half of the year totalled £503m, a 5.2% rise on the figure for the same period last year.
However, Tesco reported a £22m cost of simplification and head office relocation costs for Tesco Bank.
There was also a £45m charge for customer redress principally relates to a provision for settlement of claims in Tesco Bank relating to prior years, following the updated guidance published by the Financial Conduct Authority (FCA).
