From the FT:
The Co-operative Bank sailed through market turmoil in 2008, lifting profits by 70 per cent as depositors flocked to it for security.
While its listed competitors struggled, profits at the mutual rose from £50.4m to £85.6m in the year to January 10. Retail customer deposit balances were up 17 per cent, corporate deposits rose 27 per cent to £14.6bn and mortgage and corporate lending rose a quarter to £12.2bn.
David Anderson, chief executive of Co-operative Financial Services, said it vindicated the bank’s cautious lending policies and ethical stance.
Great news: ethics and mutuality pay. I’m delighted that the evidence is so clear.
We need a great deal more of that.
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This is really good! All sort of arguments can be made about what sort of sanctions on dodgy banks might work but the real killer sanction is not in the hands of governments. It is when people take their money away. I never made a better financial decision than when I took my business away from Barclays and moved to the Co-Operative bank 15 years ago. The quality of service is so much better and the staff are so much more capable.