February 27, 2020 / 7:25 AM / in a month

Co-op Bank losses increase amid tough competition

LONDON (Reuters) - Britain’s Co-operative Bank posted a pre-tax loss of 152.1 million pounds for 2019, after tough mortgage competition and payouts for mis-sold loan insurance continued to weigh on the lender.

The bank posted a 140.7 million pounds loss the previous year.

Co-op Bank has been working to turn around its finances since its near-collapse and rescue by a consortium of U.S. hedge funds in 2017.

The bank said its underlying loss of 19.7 million pounds was in line with expectations. It compared to an underlying profit of 23.6 million pounds in 2018.

Reporting by Iain Withers, editing by Sinead Cruise

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