Cook bacon in a heavy saucepan over medium-high heat 8 to 10 minutes or until crisp. Remove bacon, reserving drippings in pan. Drain bacon on paper towels.
Gradually add chicken broth and salt to hot drippings in pan; bring to a boil. Stir in grits, tomatoes, and green chiles; return to a boil, stirring often. Reduce heat, and simmer, stirring often, 15 to 20 minutes.
Stir in Cheddar cheese until melted. Top with chopped bacon. Garnish, if desired. Serve immediately.