Post Office bank success

THE Post Office has notched up its second consecutive year of profits as it snapped up customers whose bank branches had closed.

Trading profits at the network soared from £13m to £35m in 2017/18, while turnover nudged up from £957m to £961m, driven by its financial services, telecoms and insurance arms. Its High Street banking arm saw customer deposits swell 28pc as branch closures – 3,300 have shut since the financial crisis – fuelled its growth.

Post Office boss Paula Vennells said: ‘More and more banking customers are turning to our branches.’