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Co-op Bank reports third consecutive quarter of profit as turnaround continues

The figures come after Co-op Bank's surprise attempt to buy TSB was rejected last week

Co-op Bank has reported its third quarter results(Image: PA)

Co-op Bank has reported its third consecutive quarter of profit as it continued its turnaround after almost ten years of annual losses.

The Manchester-headquartered bank has reported a pre-tax profit of £28.5m for the nine months to the end of September, compared to a loss of £68.1m loss during the same period in 2020.

The bank's total income also increased from £224.4m to £259.2m over the same time.

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The figures come after Co-op Bank's surprise attempt to buy TSB was rejected last week.

Chief executive Nick Slape said: "I am delighted to report a third consecutive quarter of underlying and statutory profit.

"Total income has increased by 16% and customer net interest margin has risen to 157bps from 144bps year-on-year.

"Costs have reduced by 8% to £244m on an underlying basis, and have reduced by 14% on an unadjusted statutory basis to £250m year-to-date.