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Co-op Bank posts FY'17 profit following restructuring

British lender Co-operative Bank Plc reported full-year 2017 group profit attributable to equity shareholders of £232.7 million, compared to a loss of £418.7 million a year ago, following the completion of a £700 million restructuring and recapitalization in September 2017.

Net interest income for the year stood at £263.7 million, up from £220.3 million in 2016, while net fee and commission income declined year over year to £26.8 million from £40.9 million. Gains from restructuring and recapitalization came it at £397.8 million.

The bank recorded net impairment losses on loans and advances of £1.9 million, compared to gains of £6.2 million a year earlier. Provisions for customer redress amounted to £27.0 million, up on a yearly basis from £22.4 million.

The bank said March 14 that the restructuring and recapitalization generated an additional £712.5 million of pre-cost common equity Tier 1 capital, including £250 million from the issuance of new CET1 capital. Excluding the restructuring and other exceptional items, Co-op Bank's operating loss amounted to £234.1 million, narrowing from £477.4 million in 2016.

As of 2017-end, the lender's CET1 ratio stood at 24.7%, up from 11.0% at 2016-end. The bank said it does not intend to pay dividends in the near future.