The UK’s beleaguered Co-operative bank has reported a pre-tax loss of £75.8m ($125.6m) for the six months to 30 June 2014, compared with £845m in the same period last year.
There are twice as many customers leaving the bank as there are switching over to it. Co-op has lost a net 28,199 current accounts in the first half of 2014, amounting to a net outflow of around 2%.
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Chief executive Niall Booker said this was "a mortal wound" but added it was not a bad outcome.
According to the bank, it will remain loss making for the remainder of this year and all of 2015.
Co-op’s branch network continues to shrink; it ended the first half with a network of 247 outlets.
It has closed more than a third of its branches since the 2010 Coop Bank/Britannia merger when it had 354 outlets.
Other notable metrics included:
- Common Equity Tier 1 ratio decreased by 430 basis points. In April 2014, Moody’s downgraded Co-op Bank to Caa2 from Caa1.
- Customer deposits were down £1.5bn to £31.5bn
- Staff numbers cut by 13% and assets worth £1bn sold
"Considering the scale of the challenge we faced a year ago we are encouraged by the progress made to ensure the stability of the bank," Booker said.
In April Co-op reported it made a loss of £1.3bn for fiscal 2013.
