The UK’s Co-operative Financial Services (CFS), fresh from its
merger with Britannia Building Society (see RBI 617), has
posted a strong set of interim results for the first half of 2009.
Pre-tax profit at the UK’s largest mutual rose to £50.5 million
($82.9 million) from £38 million a year previous.
The group’s banking business saw pre-tax profit for the period
rise by 25.8 percent from £19.8 million to £24.9 million, largely
on the back of a halving in restructuring costs. The struggling
consumer segment meant that CFS’s retail banking profit before tax
and significant items fell by some 96.7 percent to £700,000,
however.
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The bank said that it had enjoyed continued
success with its packaged account product, which had seen a 51
percent increase in sales year-on-year. Current account sales were
68 percent higher and the volume of customers transferring their
primary accounts to CFS up 64 percent over the same period.
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