The banking arm of Britain s second-largest supermarket chain delivered a rotten set of results on Wednesday as it revealed a £48million profit in 2019-20 turned into a loss of £21million.
In an announcement which contained a basketful of bad news, Sainsbury s Bank revealed its income fell 23 per cent to £341million, deposits fell 19 per cent to £5.1billion, lending dropped 27 per cent to £5.4billion and its customer numbers slid by 14 per cent to 1.8million.
However, despite the tough year, the bank remained bullish on its future. The supermarket said it expected its financial services arm, bought outright from Lloyds Banking Group in 2013, to return to profit next year and then to double it by 2024.
Will Sainsbury s supermarket bank bounce back after £21m loss?
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