Co-op Bank profit, income rise on higher interest rates
By Frank Prenesti
Date: Friday 28 Apr 2023
(Sharecast News) - Profits and income both jumped at the Co-operative Bank as it became the latest lender to benefit from higher interest rates and borrowing costs.
First-quarter net interest income - the difference between loans charges and savings rates - soared by 20% to £120m as the Bank of England lifted its benchmark base rate to 4.25% last month. Pre-tax profit edged up slightly to £30.6m.
The bank, which was at the centre of a scandal five years ago before a hedge fund-backed rescue, was recently the subject of speculation that it could be putting itself up for sale.
Reporting by Frank Prenesti for Sharecast.com
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10 Lower Thames St,
London EC3R 6EN