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Co-op Bank at ‘turning point’ as it heads for first profit in a decade
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This year will mark a “turning point” for the Co-operative Bank, its chief executive has said, with the UK lender on track to report its first annual profit in a decade.
The bank, which has 3.2 million personal customers, 95,000 business clients and 50 branches across the UK, said pretax profits had reached £28.5m for the nine months to 30 September, having swung from a loss of £68m during the same period in 2020.
It benefited from a rise in mortgage lending, which totalled £1.1bn in the third quarter. Demand has been fuelled by the temporary stamp duty holiday and the race for larger homes during the Covid-19 pandemic.
The figures suggest the bank’s turnaround plan is bearing fruit. The chief executive Nick Slape – who became bank’s sixth
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