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The Co-operative Bank has revealed a decline in profits but hailed 2024 as a “historic” year as it prepares to return to mutual ownership through its merger with Coventry Building Society.
It reported a pre-tax profit of £24.2m for the first six months of the year, half the £61.8m reported at this time last year.
This comes as the impact of higher borrowing costs begins to fade for banks, which had been charging more for loans.
Moving on: The Co-operative Bank hopes to complete a £780m deal to be bought by rival lender Coventry Building Society in early 2025
But the lender welcomed the completion of its transformation plan which included staff cuts and a £100m IT simplification project.
A £780m deal to be bought by rival lender Coventry Building Society is expected to be completed in early 2025.
The major deal will create a group with millions of customers and around £89bn in assets.
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