In its interim statement the company said the delay was to ensure a smooth entry into the market after suffering problems with its loans and savings IT systems earlier this year.
“We are close to completing the migration of our existing products onto our new systems and call centre platforms as we prepare for the next stage of development in Tesco Bank, which will be driven by the roll-out of important new products – including mortgages and current accounts – beginning next year,” the statement said.
“This decision to delay the timing of the completion of migration and the launch of new products has implications for the financial performance of the bank during the current financial year.
“Specifically, the focus on the completion will mean that a more active marketing campaign for existing and new products, including the launch of mortgages, will now be deferred until early 2012.”
Tesco Bank reported a 65.9% increase in profits for the first half of 2011/12 compared to the same period last year, up to £44m.
The bank has also set aside £57m for potential claims relating to the mis-selling of payment protection insurance.
Tesco reported a pre-tax profit for the 26 weeks to August 27 of £1.9bn, up 12.1% on a year earlier.
