The Co-operative bank has reported pre-tax losses of £135.2m. All in the last six months to 30 June 2017. This is compared to losses of £177m a year earlier.
The reason given for pre- tax losses not being a severe as first thought, were lower operating income due to the low interest and healthy competition in the UK mortgage feild.
Also continued investment, restructuring and recapitalisation programme. The Co-op also saw ten branches finally close their doors, although originally announced in March.
Chief executive Liam Coleman: “The capital raising proposal we announced in June is progressing to plan and is currently on track to conclude by September. This will secure the future of the Co-operative Bank as a viable standalone entity with greater capital strength enabling a new phase in its turnaround.
“Against this backdrop, business performance in the first half of 2017 has been resilient. Customer satisfaction for the service we provide has increased and we have continued to reduce our cost base. Customer relationships are hugely important to us.