The UK-based mutual,
Co-operative Financial Services Group (incorporating the
Co-operative Bank, online lender and Britannia) has posted a record
full year profit before tax of £208.6m ($335.6m) up 17.7 percent
year-on-year.

Retail banking
highlights included:

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  • high customer advocacy, 8.8% ahead of the
    ‘top 5’ in CFS’s peer group;
  • primary current account numbers increased
    by 17.7% in the 12 months to 31 December, to 552,000;
  • customers switching current account to
    CFS increased by 79% during 2010;
  • Total loans increased by 3.4% to £17.3bn,
    and
  • Impairments declined by 22.9% to
    £63.8m

CFS ended 2010 with a
retail banking cross-sell ratio of 2.59 products per
person.

CFS said that its
integration programme in relation to the Co-operative Bank merger
with Britannia had so far delivered significant annual cost
synergies of £48m, ahead of expectations.

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