Profits rise at Co-operative Financial Services - Banking - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Profits rise at Co-operative Financial Services

Profits rise at Co-operative Financial Services

Category: Banking

Updated: 04/04/2011
First Published: 26/08/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Co-operative Financial Services has reported a 34% rise in operating profit over the first half of the year.

The ethically-guided bank revealed total operating profits for the period of £109.3 million, up from £81.4 million in the first half of 2009.

The bank said customer deposits were up by £1.4 billion, a rise of 4.2%, reflecting its retention of 97% of its fixed rate ISA balances, as well as the attraction of significant new funds.

Meanwhile, like-for like mortgage applications have grown by 31%, having advanced £1.1 billion to mortgage customers over the past six months.

A 32% rise in new general insurance policies was also reported.

A year has now passed since the bank merged with Britannia Building Society, and it appears the venture has been a successful one.

The Co-operative said that it had successfully integrated two complementary businesses, and was an operation which had already delivered significant cost synergies.

It added that as a sustainable alternative to the traditional financial services model, it had shown itself well placed to capitalise on current market conditions.

"As UK consumers increasingly question the financial services 'status quo',
Co-operative Financial Services' member-owned, customer-led and ethically-guided business model is well placed to establish itself as the UK's most admired financial services provider," concluded the report.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Debit card spending still leads the way

Many of us turn to plastic at the tills these days, particularly as contactless technology makes it easier than ever before. It’s little wonder that card spending continues to ramp up – and it’s debit card spending that’s leading the way.

Current account switching to be made even easier

It was announced today that the Current Account Switch Service (CASS) will be undergoing improvements that are to be implemented in a year’s time. This should help give more customers and businesses the confidence to switch to a better bank account.

A quarter of all card payments now contactless

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with new data showing that a quarter of all card payments are now made via contactless means.
 
Close