Co-operative Bank losses narrow

The Co-operative Bank in the six months to 30 June has posted a statutory loss before tax of £38.5m, compared to £39.5m loss last year.

The bank reported an underlying loss of £2.8m compared to a £11.2m profit in the same period 2018. Customers net interest margin is lower at 1.83% and for the same period last year it was 2.8% as a result of reductions in mortgage margins.

Chief executive Andrew Bester said, “We’ve delivered a positive first-half financial performance that is ahead of expectations and, although loss-making overall, is near break-even on an underlying basis.

“We have seen margin headwinds this year so far, but our safe lending book provides resilience in what is a challenging retail banking market and an ongoing uncertain political and economic backdrop.”