Co-op profits fell by £26m last year

Co-operative Bank saw a £26m decline in its operating profits last year after being forced to write down £31.8m worth of investments. The bank’s results for 2007 show pre-tax profits dropped to £50.4m from £76.3m in 2006. Excluding write-downs, the bank’s profits increased from £76.3m in 2006 to £82.2m last year. The bank is part of Co-operative Group’s financial services arm which saw a rise in pre-tax profits to £155.4m from £146.2m in 2006.