Profits up at the Co-op

The Co-operative Financial Services (including Britannia Building Society from 1 August 2009) is part of The Co-operative Group, which is the UK's largest mutual retailer with 4.5 million members, over £14 billion turnover, over 5,000 retail trading outlets and core business interests in food, financial services, travel, pharmacy and funeralcare.

The results show:

• Total shareholder profit before tax, FSCS levy, significant items and short-term investment fluctuations was £81.4m (2008: £73.4m) an increase of £8.0m (11%).
• £14.6m profit from General Insurance (2008: £1.5m loss).
• £41.7m profit from Banking activities (2008: £46.2m). Bank wholly funded by customer deposits.
• General Insurance claims ratio reduced to 73.3% (2008: 74.0%).
• Strong balance sheet growth achieved in both lending and deposit balances. 12% growth in customer lending, funded by strong growth in customer deposits (up 21%).
• Strong liquidity and capital ratios with a capital ratio of 12.8% and core tier 1 ratio of 9.2%.
• Strong new business growth including; current accounts sales, which are 68% higher than in 2008, an 18% increase in annualised new premiums for life and savings, and general insurance sales, which increased by 27% over 2008.