Co-op Bank Profits Hit by Bad Debts
Co-op Bank profits down £5m as a result of bad debts
14th September 2006
Co-operative Financial Services, the umbrella company of Co-op Bank and CIS insurance, announced a fall in profits caused by an increase in bad debts, as people entered for IVA or bankruptcy unable to cope with personal debts.
The bank's provision for bad debt rose by nearly £15m to £58m in the 28 weeks to July 29th, wiping out strong performance in the CIS insurance arm of the company and forcingprofit down to £81.9m from £87.1m.
Despite the fall, the company described its performance as 'solid' with the underlying profit before bad debt rising by 7%.
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Products from Co-op Bank : Co-Op Travel Card, Co-op Advantage Platinum, Co-op Clear Card, Co-op Unsecured Loans, Co-operative Bank Car Loans |
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More on Consumer Debt: Repossession : Could you lose your home? (Article, 09/02/2006), Coping With Debt (Article, 27/07/2005), Reduce Your Credit Card Debt (Article, 26/07/2005), IVAs a Profitable Business (News, 24/10/2006), HSBC Tightens Overdraft Rules (News, 12/09/2006), Egg plc Posts £40m Loss (News, 31/07/2006), Many Face 'Lifetime of Debt' (News, 25/05/2006), Report Says a Million People Near to Bankruptcy (News, 22/05/2006), See all 32 Consumer Debt stories >>> |
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