Co-operative Bank losses more than double

The Co-operative Bank reported much wider losses for the 2015 year on Friday, though it said the result was expected, and claimed its core operations had actually strengthened during the year.

During 2015, the bank made a loss of £610.6m before tax, compared to a loss of £264m in 2014.

“In 2015 we have been successful in improving capital resilience, reducing costs and strengthening the performance of the core bank,” said chief executive Niall Booker.

“The expected widening of our financial loss compared with 2014, due to legacy issues we have known about and highlighted for some time, should not distract from the considerable progress made in turning the bank around.”

Losses in the core bank business were £14.9m during the year, compared with £78.6m in 2014. The total number of current accounts held at the bank remained “broadly” stable.

The Co-operative Bank had been under pressure in recent years, after it began hemorrhaging customers in 2013 when it revealed a £1.5bn gap in its finances.

Booker had previously indicated the bank would not be making a profit until at least 2017.