The Co-operative Financial Services (CFS) group has said the last year saw seen a rise in lending to consumers.
In its annual report, the organisation stated that the Co-operative Bank raised the level of lending by 12 per cent, based on a 21 per cent increase in customer deposits.
This source of funding accounts for all the capital that is used for issuing credit, CFS remarked.
Overall, the bank’ profits were down from £46.2 million a year ago to £41.7 million, but this year’s activity saw it merge with the Britannia Building Society.
Such a trend could indicate that the credit crunch is starting to ease as the Co-operative and other banks take steps to build up their balance sheets and thus gain more scope to issue products such as
The recent decision by HSBC to offer a