THE Co-operative Bank has just announced a 14 per cent increase in pre-tax profits for 2002.
It is the ninth year that the Bank has reported record results, which have resulted in pre-tax profits of £ 122.5 million ? £ 15m more than 2001.
Deposits in accounts have increased by 12 per cent to £ 5.48 billion and borrowing has also risen to £ 3.94bn, up 11 per cent compared to the previous year.
The return on opening equity, after tax, was 19.8 per cent. Operating income increased by 6.1 per cent to £ 483.4m and the cost/income ratio improved again despite continued investment in business development.
Chief Executive Mervyn Pedelty (above) said: "Once again, our commitment to running a responsive, and responsible, business has provided a firm foundation for success. 2002 saw the Bank building on its strong reputation for customer focus, ethical principles, innovative product development and quality service."
Mr Pedelty added that staff had again played a key role in the success of The Co-operative Bank, which was recently ranked by the Financial Times as one of the top 50 UK's Best Workplaces 2003.
During the year the Bank has also extended its residential mortgage portfolio with the addition of several competitive fixed-rate offers and the introduction of both discount and tracker mortgages.
More details in next week's Co-operative News ? published on 15th April.