Sainsbury's profits fall to £788m as it takes full ownership of banking arm

(Source: Reuters)

Supermarket Sainsbury's has posted full year results for the 52 weeks to 16 March (release). Pre-tax profits fell by 1.4 per cent to £788m. The supermarket also announced that it would be taking full control of the Sainsbury's bank joint venture with Lloyds at a cost of £248m (release).

Chairman David Tyler commented on the results:

Sainsbury's has again delivered a good sales and profit performance, continuing to gain market share. 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.