Co-Op Bank swings to profit

The Co-Op bank has swung to a profit.

The group posted profits of over £30m, which is compared to the loss it posted of £103.7m in 2020.

Nick Slape, chief executive, commented: “2021 has been a milestone year for The Co-operative Bank, in which we have delivered against the ambitious turnaround plan set three years ago to significantly improve the financial strength and stability of the Bank,”

“Our return to profitability and balance sheet growth at improved margins gives us a strong platform for further growth in the years ahead,” he added.