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CFS announces results following Britannia merger

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by Kay Mitchell

The Co-operative Financial Services (CFS), which recently completed its merger with Britannia Building Society, has reported its interim results for the 28 weeks to 25 July 2009.

CFS, which is part of The Co-operative Group, is the UK’s biggest mutual retailer with more than 4 million members, over £14 billion turnover and has over 5,000 retail trading outlets.

The banking business recorded a profit before tax and significant items of £41.7m, compared to £46.2m in 2008. This reflects the Bank’s prudent approach to banking with a cautious approach to lending, which is wholly funded by retail deposits.

The group said strong new business growth including; current accounts sales, which are 68% higher than in 2008, an 18% increase in annualised new premiums for life and savings, and general insurance sales, which increased by 27% over 2008.

The merger, which was completed on 1 August 2009, has resulted in one of the largest and most diversified financial mutual businesses, with over £70 billion in assets.

The merger also aims to create a “trusted and ethical alternative to shareholder-owned bank,” according to the group.

Neville Richardson, Chief Executive of The Co-operative Financial Services, comments: “These are encouraging trading results, which serve to illustrate the strength, sustainability and financial prudence of our business in what remains a very tough economic environment. We have maintained a strong balance sheet which has been supported by excellent sales growth across our core banking, insurance & investment areas.

“We are moving forwards from a position of strength and the merger with Britannia creates a new and powerful force within UK financial services. The new and stronger CFS will be a pioneering business, providing high quality financial products to co-operative customers and members.”

“We are at the start of creating something quite special within UK financial services, a business which is member-owned, customer-led and ethically guided.”

It recently received external recognition for its customer satisfaction, with The Co-operative Bank being judged best financial services provider for 2009 by Which? consumer group.

It also achieved the Corporate Social Responsibility Award at the British Insurance Awards and also a Claims Platinum Award for the quality of its claims handling.

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News posted: September 10, 2009

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