The Co-operative Bank has delayed the release of its full year results for a second time in order to finalise its financial accounts, it said in a statement.
The financial accounts are due to be released ‘no later’ than 11 April with losses for 2013 expected to be at least £1.3bn ($2.17bn).
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The delay follows the £1.5bn rescue deal in December 2013, when debt investors including US hedge funds obtained majority ownership of the bank in the bailout.
Last month, a further £400m cash call was issued to cover extra losses related to its payment protection insurance business and technical breaches of the Consumer Credit Act.
The Co-operative group retains only a 30% stake in the bank following the rights issue fundraising.
Alongside the financial accounts being unveiled, the figures will show the pay deal of the bank’s new chief executive Niall Booker, following Euan Sutherland’s resignation in March of this year.
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By GlobalDataThe bank has to raise £263m to cover the remainder of the £500m contribution to last year’s bank rescue, with £100m due by June 30 of this year.
Co-op’s troubles began last year when a plan to purchase 632 branches from Lloyds Banking Group collapsed.
The bank’s core tier 1 capital ratio, a key measurement of financial strength, was 0.2% above the minimum requirement of 7% at the end of 2013.
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