Co-op Bank losses edge up as it struggles with turnaround


© Reuters. FILE PHOTO: People walk past a branch of The Co-operative Bank in London

LONDON (Reuters) – Britain’s Co-operative Bank edged further into the red in 2018 as adjusted pre-tax losses rose slightly due to tough market conditions and higher compensation payouts for past mis-selling of payment protection insurance policies.

The lender’s adjusted loss before tax increased to 140.7 million pounds, up from 140.3 million pounds the previous year.

Co-op Bank has struggled to turnaround its performance after its near-collapse and rescue by a consortium of US hedge funds in 2017.

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