The bank which has been no stranger to controversy has reported a loss of £75.8 million before tax.
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div>The bank which has been no stranger to controversy has reported a loss of £75.8 million before tax.
Staff numbers were axed by 13 percent in the first six months of the year.
46 branch closures have occurred in the first half of 2014. Also last month, the Bank announced the planned closure of a further 25 branches by the end of 2014, resulting in a further provision of £5.2 million.
In respect to the figures, Chief Executive Niall Booker said: "Considering the scale of the challenge we faced a year ago we are encouraged by the progress made to ensure the stability of the Bank. By the measures of capital and liquidity the bank is considerably stronger than it was a year ago.”
“We are ahead of schedule in the disposal of Non-core assets and have improved governance, particularly at Board level. However, the issues we continue to face in building a sustainable business are deep rooted and there remains much to be done.”
“Transforming the organisation into a viable and profitable business which generates capital in the long term still requires significant change - both operationally and culturally.”
“The Core Bank continues to remain stable. In the first half of the year more people switched into the Bank than in the second half of 2013. Although we have also seen an increase in the number of people switching out of the Bank, the net numbers remain small relative to our total number of current account customers whose continuing loyalty is deeply appreciated. Recent trends suggest this net outflow of retail customers has slowed.”
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