Cooperative Bank released a third-quarter trading update to reveal “resilient performance in a challenging environment.”
The lender recorded a loss of £23.5 million before tax. This was a sharp improvement from £80.1 million at the same time a year ago.
The losses have improved, but cooperative banks are still in the red depth amid the pandemic.
In the nine months leading up to the end of September, the group recorded a loss of £68.1 million compared to a loss of £118.6 million in the same period last year.
Nick Slape, CEO of Co-Op Bank, said:
“This is a challenging time for all banks given the uncertain economic outlook and the ongoing base rate, but while we continue to lose as expected in our plans, the results also show that we continue to make significant advances in our transformation.
“These are difficult times for many people across the country and it is essential to support our long-standing philanthropy partners in the work they do. We are extremely proud of the initiatives we are involved in addressing the homelessness of young people, raising awareness of economic abuse and supporting collaborative businesses across the UK. As the background remains challenging for the coming months, we are committed to doing our part and doing everything we can to make a difference to the communities around us.
“As we stand up to this new phase of the pandemic, we want to thank our colleagues for their commitment to supporting our customers and reassure them that we will support all our customers during this uncertain time.”
The bank saw an increase in mortgages in the third quarter, which helped on the public holidays at Rishi Snack stamp doors. The bank had loaned £530 million on mortgages in the last quarter.
