Stock Groups

UK’s Co-op Bank profit run continues as turnaround kicks in -Breaking


© Reuters. FILEPHOTO: A branch of The Co-operative Bank is seen by people in London on Wednesday, February 13, 2017. REUTERS/Hannah McKay

LONDON, (Reuters) – Britain’s Co-op Bank has posted a third consecutive quarter of profit Friday. This is a further sign that the ethical lender and self-described bank made progress after nearly a decade in losses. It was also helped by Britain’s economic recovery.

For the nine months ending September, the pretax profit of the lender was 28.5million pounds ($38.46M), compared with a loss of 68.1million pound in the same period last fiscal year.

After its 2017 near-collapse, and subsequent rescue by several U.S.-based hedge funds, Co-op Bank is now reaping the rewards of difficult restructuring.

After making an unwelcome offer to rival lender TSB, Sabadell rejected the proposal and made no reference whatsoever to acquisition plans.

In recent weeks there has been a lot of interest in takingover British banks. Shares in Metro Bank, a rival bank, closed at 29% after the announcement by U.S.-based private equity firm Carlyle.

($1 = 0.7411 pounds)

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.