Co-op Bank narrows first-half losses to £75.8m
The troubled lender’s interim results are the first since it reported a full-year loss of £1.3 billion for 2013.
While it remained in the red, the six-month loss is an improvement on the loss of £844.6m reported in the same period last year.
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Hide AdThe bank said its number of permanent employees had been slashed by 13 per cent in the first half of 2014 and its capital position had been strengthened, following a £400m capital-raising.
The business had to be rescued last year after a £1.5bn hole was discovered in its balance sheet, in a deal that saw the wider Co-operative Group cede majority ownership to bondholders including US hedge funds.
Co-op Bank chief executive Niall Booker said: “Considering the scale of the challenge we faced a year ago, we are encouraged by the progress made to ensure the stability of the bank.”