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CO-OP SMILES AT FIRST-HALF REPORT

News, 08 September 2000


Despite recent problems for online banking, Co-operative Bank has announced that the number of customers using its Smile internet banking service climbed to 200,000 in the ten months since its launch last October.

Overall, the Co-op saw a 10% rise in pre-tax profits in the first six months of the year, reaching £55.2 million, while operating profits jumped 6% to £226.3 million.

However, Smile has not yet broken even and forecasts of future growth were not disclosed. Expenditure on the internet service saw operating costs rise 6.8% to £141.6 million.

News source: Financial Times