uk supermarket sainsbury\s posts rising profits
Last Updated : GMT 08:14:18
Arab Today, arab today
Arab Today, arab today

UK supermarket Sainsbury\'s posts rising profits

Arab Today, arab today

Arab Today, arab today UK supermarket Sainsbury\'s posts rising profits

London - AFP

British supermarket chain Sainsbury's on Wednesday announced a rise in annual profits and said it was taking full control of the group's banking unit after buying the stake held by bailed-out Lloyds Banking Group. Britain's third-biggest supermarket chain after Walmart-owned Asda and the country's largest retailer Tesco said net profit grew 3.0 percent to £614 million ($951 million, 725 million euros) in the 12 months to March 16. Earnings after tax had stood at £598 million in 2011-12, Sainsbury's added in a statement. Revenue meanwhile climbed 4.5 percent to £23.3 billion in the reporting period. "Sainsbury's has again delivered a good sales and profit performance, continuing to gain market share," said chairman David Tyler. "Our intention to take full ownership of Sainsbury's Bank is one that will benefit both customers and shareholders and allow its full potential to be realised," he added. Sainsbury's said it had agreed to buy the 50 percent share of the bank held by Lloyds Banking Group (LBG) for £248 million. "This is an exciting transaction for Sainsbury's which has the potential to deliver significant benefits to our shareholders, customers and colleagues," said Sainsbury's chief executive Justin King. "We have 23 million transactions each week by customers who know and trust the Sainsbury's brand. We see a great opportunity to increase the number of bank customers by offering accessible, high quality financial services products which reward customers who bank and shop with us. "We expect the Bank to become an important source of profit diversification and growth, building on the strengths of our core business," King added. Launched in 1997, the bank's pre-tax profit stood at £59 million in 2012/13, while gross assets presently stand at about £5.0 billion. LBG is meanwhile 39-percent owned by the British government after a massive bailout in the wake of the 2008 financial crisis.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uk supermarket sainsbury\s posts rising profits uk supermarket sainsbury\s posts rising profits

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uk supermarket sainsbury\s posts rising profits uk supermarket sainsbury\s posts rising profits

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday