Cooperative Bank 1H profit slips 2.4% on lower fees, higher staff costs

Thu, 22 Nov 2018

By Paul McBeth Nov. 23 (BusinessDesk) - Cooperative Bank posted a 2.4 percent decline in first-half profit as lower banking fees and increased spending on staff and new technology dented earnings. Net profit fell to $5.6 million in the six months ended Sept. 30 from $5.8 million a year earlier. Net interest income rose 15 percent to $31.1 million as the bank expanded its loan book. However, that wasn't enough to offset a 34 percent decline in fees and other income to $4.6 million and a 5.6 percent increase in operating costs to $30.4 mil...

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