Co-operative Bank boosts its profits as interest rates surge

Co-operative Bank has boosted its profits more than fourfold on the back of higher interest rates.

The bank, which is no longer part of the wider Co-operative Group, revealed that its pre-tax profit jumped from £31.1m to £132.6m last year.

It was the bank’s second year of profitability after being rescued by a group of hedge funds in 2017.

Nick Slape, the group’s chief executive, said the challenger bank passes 60pc of every interest rate hike to all its saving customers.

“What we have done is we have passed on rate rises to both on-sale and closed-book products, so to all our customers, because we think that’s the right thing to do,” he said.