Co-operative Bank's 2023 pre-tax profit dropped 50% to £71.4m due to one-off costs, including a £29m mortgage customer compensation reserve.
The Co-operative Bank's pre-tax profit dropped nearly 50% to £71.4 million in 2023, due to one-off costs including a £29 million reserve for a mortgage customer compensation scheme from 2011-2012. The bank also reported a £500 million decrease in gross mortgage lending to £4.8 billion. Despite challenges, the bank is in ongoing discussions for a possible tie-up with Coventry Building Society.
February 28, 2024
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