Britain's Co-op Bank posted a third quarter of profits in a row today, as the self-styled ethical lender made further progress on its turnaround after nearly a decade of annual losses and was lifted by Britain's economic rebound.
The lender reported pretax profits of £28.5m for the nine months to September, compared to a £68.1m loss over the same time last year.
Co-op Bank has started to reap the benefits of a period of painful restructuring, after its near-collapse and rescue by a group of US hedge funds in 2017.
The lender did not make any reference to any acquisition plans, weeks after making an unsolicited offer for rival lender TSB that was rebuffed by Spanish owner Sabadell.
Takeover interest in Britain's mid-sized banks has picked up in recent weeks.
Shares in fellow challenger bank Metro Bank closing up 29% yesterday after it revealed an approach from US private equity giant Carlyle.
