Co-op Bank’s PPI blow
The Co-op Bank slumped further into the red after setting aside another £60m for the PPI mis-selling scandal.
This takes its total compensation bill to £600m.
The lender reported a loss of £118.6m for the nine months to September, up from £87m in the same period last year, but it insisted its turnaround plans were ‘starting to bear fruit’. The Bank of england has recognised the bank’s improving financial situation by reducing the amount of capital it has to set aside to protect itself against financial shocks.
Chief executive Andrew Bester, who took charge last year, has been tasked with restoring the ethical bank to profitability after years of turmoil.