Co-Op Bank first-half pre-tax loss narrows 91% on loans

Co-Operative Bank, the UK lender that ceded control to its creditors last year, said its first-half pretax loss narrowed 91 per cent as it wrote down the share of bad loans.

22nd August, 2014
The lender’s assets were boosted by a credit impairment benefit of £86.7 million after restructuring

Co-Operative Bank, the UK lender that ceded control to its creditors last year, said its first-half pretax loss narrowed 91 per cent as it wrote down the share of bad loans.

Co-Op Bank’s pretax loss fell to 75.8 million pounds ($126 million) from 845 million pounds a year earlier, the company said in a statement today.

The lender’s assets were boosted by a credit impairment benefit of 86.7 million pounds after restructuring, it said.

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