‘Positive’ start to the year for Co-op Bank
The Co-operative Bank has reported a ‘resilient performance’ for the first quarter of this year as income has started to climb.
The bank declared a statutory profit before tax of £7.2m and underlying profit of £2.6m for the three months to the end of March 2021.
Total income has increased to £81.2m increase in mortgage balances of £1bn (6%) with a strong pipeline (£2bn) and growth in core customer deposits.
CEO Nick Slape hailed a “positive start to the year.”
He said: “I am encouraged by the Bank’s financial performance in the first quarter, achieving a small underlying profit – an important first step towards sustainable profitability from 2021.
“We have delivered a resilient performance by maintaining our focus on income generation, simplification and by reducing our operating costs.
“Our retail business continues to grow, with net residential lending increasing by 6% in the quarter with a strong pipeline. Our SME banking proposition is developing well with the launch of a new mobile app, credit card and same-day onboarding, alongside a strong pipeline of new customers switching to join us.”
The Co-op has also welcomed JC Flowers and Bain Capital Credit as new investors in the Bank, subject to regulatory approval.