Half year losses at the Manchester based bank narrowed to £135.2m from £177m last year but the bank said it lost about 25,000 current accounts during the same period amid the uncertainty over its future.

In June the Bank agreed a £700m rescue package to stop itself from being wound up and in 2013 it was rescued from the brink of collapse by a group of hedge funds in 2013, after bad property loans contributed to a £1.5bn hole in its finances.

In the six months to June 30th, The Co-op Bank’s net interest margin, a key measure of performance, fell to 1.32pc from 1.42pc a year ago.

Liam Coleman, chief executive, said the bank’s performance during the six months to June had been “resilient”, with its additional fundraising due to be completed by September.

“This will secure the future of The Co-operative Bank as a viable stand-alone entity with greater capital strength enabling a new phase in its turnaround,” Mr Coleman said.

“Against this backdrop, business performance in the first half of 2017 has been resilient. Customer satisfaction for the service we provide has increased and we have continued to reduce our cost base. Customer relationships are hugely important to us and the vast majority of customers have remained very loyal as we have progressed the sale and capital raise process and I am extremely grateful for their ongoing support.

“Of course there is more hard work ahead, and like other banks, we recognise there are risks to the UK economy, but this is a great bank and we are positive about the future.”

The Co-op Bank said operating costs fell 9.9pc in the first half to £200.8m.



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