Co-operative Bank prepares to return to mutual possession
The Co-operative Bank has revealed shrinking profits but hailed 2024 as a ‘landmark’ year as it prepares to return to mutual ownership through its merger with Coventry Building Society.
It reported a pre-tax profit of £24.2m for the first six months of the year, half the £61.8m reported this time last year.
It came as the impact of higher borrowing costs begins to wear off for banks, which had charged more for loans.
Moving on: The Co-operative Bank is expecting to complete a £780m deal to be bought by rival lender Coventry Building Society in early 2025
But the lender hailed the completion of its transformation plan which included staff cuts and a £100m IT simplification project.
It is expecting to complete a £780m deal to be bought by rival lender Coventry Building Society in early 2025.
The major operation will create a group with millions of customers and about £89billion worth of assets.
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