January 22, 2018 12:29 PM ET

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Company Overview of Tesco Personal Finance plc

Company Overview

Tesco Personal Finance plc, together with its subsidiaries, provides financial products and services to personal customers in the United Kingdom and the Republic of Ireland. It offers savings and current accounts, personal loans, mortgages, overdrafts, credit cards, travel money, online banking, and mobile and telephone banking services; and car, home, pet, young drivers’ box, life, and travel insurance products. The company was incorporated in 1997 and is based in Edinburgh, the United Kingdom. Tesco Personal Finance plc is a subsidiary of Tesco Personal Finance Group Limited.

Interpoint Building

22 Haymarket Yards

Edinburgh,  EH12 5BH

United Kingdom

Founded in 1997

3,878 Employees

Key Executives for Tesco Personal Finance plc

Chief Executive Officer and Executive Director
Age: 57
Chief Financial Officer and Executive Director
Deputy Chief Executive, Chief Commercial Officer and Executive Director
Age: 58
Managing Director of Banking and Director
Chief Customer Officer and Executive Director
Compensation as of Fiscal Year 2017.

Tesco Personal Finance plc Key Developments

Tesco Personal Finance plc Reports Unaudited Consolidated Earnings Results for the Six Months Ended August 31, 2017

Tesco Personal Finance plc reported unaudited consolidated earnings results for the six months ended August 31, 2017. For the period, net interest income was £243.6 million against £209.5 million a year ago. Total underlying income was £428.1 million against £399.4 million a year ago. Underlying profit before tax was £110.7 million against £115.3 million a year ago. Profit before tax was £112.2 million against £46.0 million a year ago. Operating profit was £104.6 million against £40.9 million a year ago. Profit for the period attributable to owners of the parent was £84.2 million against £72.6 million a year ago. Cash flows generated from opera ng activities was £174.1 million against £185.9 million a year ago. Purchase of intangible assets and property, plant and equipment was £29.4 million against £16.1 million a year ago.

Tesco Bank Is Not For Sale, Boss Insists As He Quits

Benny Higgins, Chief Executive Officer of Tesco Personal Finance plc has denied there are plans afoot to sell the lender as he steps down after 10 years in the role. Benny Higgins who became chief executive as Tesco took full ownership of the business from Royal Bank of Scotland in 2008, plans to leave to pursue other projects in February. His decision comes just eight months after it suffered an unprecedented cyber attack against a British lender. Some £2.5 million was stolen from about 9,000 Tesco Bank customer accounts last November, although Higgins insisted his decision to depart was not driven by the cybercrime. "Ten years is a very obvious time for me to embark on something else," Higgins said, adding that he had not decided what he would do next. "For the time being, my focus is on Tesco Bank and obviously I'll start to think about it a bit more as the next eight months elapse." The 56-year-old also dismissed speculation his exit signalled that Tesco was eyeing a sale of the business. "I wouldn't anticipate at any stage in the foreseeable future any change in the ownership," the chief executive said.

Tesco Personal Finance plc Reports Consolidated Earnings Results for the Full Year Ended of February 28, 2017 and Company Cash Flow Results for the Year Ended of February 28, 2017

Tesco Personal Finance plc reported consolidated earnings results for the full year ended of February 28, 2017 and company cash flow results for the year ended of February 28, 2017. For the period, the company reported net interest income of GBP 439.2 million compared to GBP 404.8 million a year ago. Total income was GBP 812.4 million compared to GBP 772.6 million a year ago. Operating profit was GBP 125.7 million compared to GBP 190.5 million a year ago. Profit before tax was GBP 110.1 million compared to GBP 187.9 million a year ago. Profit for the year attributable to owners of the parent was GBP 137.4 million compared to GBP 185.7 million a year ago. Cash flows generated from operating activities was GBP 306.2 million compared to cash flows used in operating activities of GBP 145.2 million a year ago. Purchase and disposal of intangible assets and property, plant and equipment was GBP 46.1 million compared to GBP 39.8 million a year ago. For the year, on a company basis, the company reported cash flows generated from operating activities was GBP 256.1 million compared to cash flows used in operating activities of GBP 141.1 million a year ago. Purchase and disposal of intangible assets and property, plant and equipment was GBP 46.1 million compared to GBP 39.8 million a year ago.

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