Co-op Bank predicts profit soon after year that saw loss of £103m
THE CO-OPERATIVE Bank said it remains on track to return to profit in the near future as it narrowed annual losses, despite setting aside nearly £22m for loan defaults amid the pandemic.
The lender reported a pre-tax loss of £103.7m for 2020 against losses of £152.1m in 2019. It booked a £21.6m charge for expected customer defaults on loans as a result of the pandemic.
But overall losses were trimmed as its customer compensation bill fell dramatically to £2m against the £63.5m in 2019 for payment-protection insurance mis-selling.
The group said it was on track to return to profit in 2021, despite the loan losses charge and tumbling income due to record low interest rates.
Results show net interest income fell to £266.9m from £310m in 2019 but the group saw a 5 per cent rise in net mortgage lending as it benefited from the property market boom.
Recently appointed chief executive Nick Slape said: “We have met or exceeded the performance guidance targets we set in 2020 and our progress positions us well for a return to profitability in the near future.”
Under the turnaround, the bank cut 350 jobs and closed 18 branches last year to slash costs, with the aim of driving annual savings of £20m.
Mr Slape was awarded a £135,000 bonus for 2020, while the bank shared £4.2m in bonuses among its 2,827 staff last year, down from a £7m bonus pool for 2019.
The bank lent £286m to small businesses through two of the Government’s Covid-19 support schemes – Bounce Back Loans and the Coronavirus Business Interruption Loan Scheme.
The number of games which Doncaster Rovers have left as they look to secure promotion from League One.
ONCE he has helped Hull KR surprise some people in Super League, Brad Takairangi is looking to do the same with Cook Islands at the 2021 Rugby League World Cup.
The Australian-born centre/ back-row recently arrived in East Yorkshire having joined Rovers from Parramatta Eels.
His father is a Cook Islander, his mother hails from New Zealand and he has represented both countries on the international stage.
Takairangi played for the Cook Islands in 2013 and the Kiwis four years later but is prepped to feature with his original choice when the tournament gets underway here in the autumn.
Having seen Tonga rise to become one of the most powerful sides at the last World Cup, he feels the Cook Islands could do similar this time around.
“I’ve seen Jarome Luai wanting to make waves for Samoa and myself and (Brisbane Broncos back-row) Alex Glenn are very similar for Cook Islands,” he said.
“We’d love to get our best squad on the park and, if we do, I honestly believe we can have a bit of a momentum shift like the Tongans in the 2017 World Cup.
“2013 was the last World Cup we were in and it wasn’t very successful for us.
“I want to have a really good year playing club footy – it’s exciting times at KR – but it’s exciting, too, with what we could do with Cook Islands.
Meanwhile, the Robins, who have released winger Nick Rawsthorne so he can rejoin Halifax, will visit Hull FC in Super League’s Rivals Round from August 19-22 .
With the ‘traditional’ Easter derbies switched in a bid to be played with crowds, Castleford Tigers entertain Wakefield Trinity and Leeds Rhinos welcome Huddersfield Giants.