Cook bacon in a heavy saucepan until crisp, reserving drippings in pan. Gradually add broth and salt; bring to a boil.
Stir in grits, tomato, and chiles; return to a boil, stirring often. Reduce heat, and simmer, stirring often, 15 to 20 minutes.
Stir in cheese; cover and let stand 5 minutes or until cheese melts. Garnish, if desired.
Note: To decrease fat and calories, drain bacon on paper towels discarding drippings, substitute reduced-fat sharp cheddar cheese for regular.