Co-operative Financial Services' profits for the half-year ending July 28th.
The organisation's interim results announced last week show that a predicted pre-tax profit of £ 92.9m ? an increase of 16 per cent ? before significant items and investment fluctuations was reduced to just £ 38m following claims made in the wake of the storms in January and flooding which affected areas of Yorkshire, the West Midlands and the South West during June and July.
Profits from banking activities increased marginally to £ 45.5m but a technical profit of £ 22.6m in the general insurance division prior to the bad weather claims was turned into a loss of £ 32.3m due to the flood damage.
CFS Chief Executive David Anderson was upbeat, despite the impact of the weather-related general insurance claims. He told the News: "A 16 per cent increase in underlying profits, prior to the exceptional weather claims, is encouraging and reflects improvements in banking,
general insurance and investment results.?
"We are now well placed to benefit fully from a £ 250m capital investment programme that will improve the accessibility and quality of our product range amongst a growing number of conscience consumers."
? Further details in the News, published September 18th.?