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Co-op Bank's H1 loss widens YOY

Co-operative Bank Plc on Aug. 10 reported a first-half loss of £139.7 million, or 30.94 pence per share, compared to a year-ago loss of £132.1 million, or 29.26 pence per share.

Net interest income rose on a yearly basis to £115.8 million from £105.8 million, while net fee and commission income declined to £16.7 million from £20.1 million. The bank booked net impairment gains on loans and advances of £1.4 million, compared to £4.6 million a year earlier.

Total operating expenditure was £200.8 million, compared to £222.8 million in the re-presented period to June 30, 2016, which the bank said reflected progress in its cost reduction program. The lender said it completed 10 additional branch closures previously announced in March, and its network now comprises 95 branches.

Inclusive of costs associated with its planned restructuring and recapitalization and of project and severance costs, among others, operating expenses amounted to £307.7 million, down from £360.5 million in the year-ago period.

Co-op Bank booked an additional provision of £9.2 million in the first half in relation to payment protection insurance following the U.K. Financial Conduct Authority's plan to extend the deadline for claims to June 2019. The bank said the total provision raised to date is £469.0 million.

The lender also released £4.7 million of provision for customer redress, of which £3.4 million related to mortgage provisions. Overall conduct charges were £4.7 million, down from £21.1 million a year earlier.

The bank's CRD IV common equity Tier 1 ratio stood at 9.8% at the end of June, compared to 11.0% at 2016-end. The bank's leverage ratio was 2.4% as of June 30, down from 2.6% at the end of 2016.

"The capital-raising proposal we announced in June is progressing to plan and is currently on track to conclude by September," said CEO Liam Coleman.

"This will secure the future of the Co-operative Bank as a viable stand-alone entity with greater capital strength enabling a new phase in its turnaround."