Banking arm gives Co-op £559m loss

co-operative bank

The Co-operative Group today plunged to £559 million first-half losses as heavy bad debts in its banking arm wiped out profits from its supermarkets.

The group said there will be "no quick fixes" as it embarks on a four-year turnaround plan, after reporting pre-tax losses of £709.4 million in the Co-operative Bank in the six months to the end of June.
City regulator the Prudential Regulation Authority (PRA) said the scale of the losses did not alter its demand that the Co-op must plug a £1.5 billion hole in its balance sheet.

© 2013 Press Association
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