Value of loans and advances to customers by Tesco Bank FY 2018-2024

From March 2023 to February 2024, the loans granted by Tesco Personal Finance Group, also known as Tesco Bank, to its customers were valued at nearly eight billion British pounds. Those figures have been growing for the past years. Nevertheless, the value of customer loans provided by the company were still lower than in 2019, when they peaked at 12 billion British pounds.

In which industries is Tesco present?

Founded in the early 20th century, by 2023, Tesco was one of the largest companies in the UK and a leading retailer worldwide. However, the British company has continued to grow by expanding into other industries. Some of the best examples of that are Tesco Mobile with which it entered the mobile communications market, and Tesco Bank which is a player in the banking industry. Tesco also has other subsidiaries, such as dunnhumby, which is a data science company. 

Challenger banks in the UK

The United Kingdom is home to several challenger banks that compete with more traditional banks. For example, Revolut and Monzo were among the digital banks with most customers in 2023. Tesco’s and Sainsbury’s retailer banks are also included in that list of challenger banks. For that reason, the announcements aired in early 2024 that Barclays and Nationwide, two of the largest banks from the UK, would buy Tesco and Virgin Bank, respectively, is likely to have a significant impact in the industry.