Co-op Bank narrows first-half losses to £75.8m
Co-operative Bank today reported a £75.8 million pre-tax loss for the first half of the year, but said it was encouraged by its progress since it was rescued from the brink of collapse last year.
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.
The 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.”