Co-op Group posts £559m losses
The Co-operative Group has recorded pre-tax losses of £559 million for the first six months of the year. Its banking arm lost £709.4m, wiping out profits from its supermarkets.
£709m losses at Co-op Bank wipe out profits
The £509 million pre-tax losses are driven by £709.4 million losses in the Co-operative Bank, which has struggled to recover from bad loans taken on before the credit crunch.
The group announced today that has written off £496 million of "loan impairments".
But the banking losses still dragged down the profits reported in the group's supermarket arm.
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