Co-op Bank releases first quarter trading update


The Co-operative Bank has released its first quarter trading update for 2023, recording a profit of £30.6m and underlying profit of £35.1m.

The Co-operative Bank – Ealing – Wikimedia Commons

This represents increases of £0.1m and £7.6m against the first quarter of 2022 with a return on tangible equity of 15.1%.

Performance highlights include net mortgage lending of £272m in the quarter and a mortgage pipeline of £1.2bn.

The Q1 trading update includes completion of the insourcing of Capita colleagues who perform the mortgage servicing for customers and means all mortgage teams are now within the bank.

Co-operative Bank chief executive Nick Slape comments: “In the first three months of 2023, we have again delivered a strong business performance. In particular, I am pleased with the 28% improvement in underlying profit in the period to £35.1m.

“I remain confident that the bank is well positioned in the current uncertain macroeconomic environment, with surplus capital and liquidity and low-risk simple balance sheet.”

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