Profit at Co-op Financial Services jumps 21%
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The Co-operative Financial Services, part of The Co-operative Group, has posted a pre-tax profit of £177m for 2009 up from £147m in 2008.
Customer loans at CFS went from £10.2bn in 2008 to £34.1bn in 2009 as a result of the merger between CFS and Britannia Building Society last August.
Customer deposits also rose last year going from £11.7bn in 2008 to £32.5bn in 2009.
Its core tier capital ratio stands at 13.6%.
Peter Marks, group chief executive at CFS, says: “The historic merger of CFS and Britannia has created the most diversified mutual in UK financial services, uniquely positioned to present a member-owned, customer-led and ethically-guided alternative to the shareholder-owned or government-owned model.”
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