Tesco Personal Finance has seen profits rise by 26.5 per cent to £202 million, according to the latest data.
Launched in 1997, the financial services arm of the supermarket giant now has 4.9 million customers.
That is an increase of 700,000 on this time last year, making it one of Britain's fastest growing financial services operations.
"These results again demonstrate the broad appeal of the Tesco brand," said the chief executive, Terry Leahy.
"They also show that our new growth businesses - in international, in non-food and in services - have contributed as much profit as the entire business was making in 1997."
Earlier this week Tesco became the first UK retailer to post profits in excess of £2 billion.
One pound in every three spent in supermarkets now goes to Tesco, with 10 million more customers using its stores in 13 countries worldwide.
Tesco Personal Finance - a joint venture with Royal Bank of Scotland which gives Tesco a £101 million share - has certainly helped the supermarket to win international success.
The company started the branching out process with the introduction of its own credit cards, travel insurance, savings accounts and loans.
From there it moved on to home, pet, motor and life insurance, stock market-linked investments and most recently mortgages.
Tesco Personal Finance grows in popularity
Financial Services
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Tesco Personal Finance grows in popularity
Wed, 13 Apr 2005
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