Co-op Bank makes £75.8m loss in just 6 months

The Co-operative Bank made a £75.8m loss in the first six months of this year.

Customers switched more than 28,000 current accounts from the struggling bank in the six months to 30 June, following large losses in 2013.

The bank is improving – in the first six months of 2013 it made a loss of £844.6m – but chief executive Niall Booker said it wouldn’t make a profit in 2014 or 2015.

“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,” he said.

“By the measures of capital and liquidity the bank is considerably stronger than it was a year ago. We are ahead of schedule in the disposal of non-core assets and have improved governance, particularly at board level. However, the issues we continue to face in building a sustainable business are deep-rooted and there remains much to be done,” he added.

About 25 branches of the Co-op Bank will be closed in the remainder of this year.

“As more gets done on digital platforms, people will use branches less and less,” Booker said.

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