BREAKING NEWS

BREAKING NEWS

Co-op Bank losses edge up as it struggles with turnaround

Co-op Bank losses edge up as it struggles with turnaround
FILE PHOTO: People walk past a branch of The Co-operative Bank in London, Britain, February 13, 2017. REUTERS/Hannah McKay/File Photo -
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Hannah Mckay(Reuters)
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LONDON (Reuters) - Britain's Co-operative Bank edged further into the red in 2018 as adjusted pre-tax losses rose slightly due to tough market conditions and higher compensation payouts for past mis-selling of payment protection insurance policies.

The lender's adjusted loss before tax increased to 140.7 million pounds, up from 140.3 million pounds the previous year.

Co-op Bank has struggled to turnaround its performance after its near-collapse and rescue by a consortium of US hedge funds in 2017.

(Reporting by Iain Withers; Editing by Rachel Armstrong)

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