Losses at The Co-operative Bank have almost tripled in the first half of the year and it will not turn a profit until 2017, it admitted this morning as it continued to struggle with “legacy issues”.
Pre-tax losses at the bank rose to £204.2 million in the six months to June 30, up from a £77 million loss a year ago, due to increased project costs, reduced income and a net loss of £38.2 million on £2.5 billion of asset sales.
The Co-operative Bank, formerly chaired by Paul Flowers, the so-called “crystal Methodist” after he admitted possession of class-A drugs, is in the middle of a restructuring after its near-collapse in 2013 when it had to be bailed out by its bondholders.
Niall Booker, its