A Tesco's store is pictured in south London. Tesco's trading profit for the year to February 22 was £3.3bil (US$5.52bil), in line with forecasts but down on a restated figure of £3.52bil posted in 2012-13 - AFP Photo.
LONDON: Britain’s biggest retailer Tesco will stop mortgage lending at its banking business due to tough market conditions, it said yesterday, as rival lender Nationwide Building Society reported a drop in profit margins.
Tesco Bank, which serves more than 23,000 mortgage customers with total balances of £3.7bil (US$4.7bil), said it would stop new lending and seek to sell its existing portfolio of home loans.
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