its first annual profit in a decade. During the 12 months ended 31 December 2021, the retail and commercial banking company registered a pre-tax profit of £31.1 million, having bounced back from a loss of £103.7 million the previous year. The firm also more than tripled its bonus pot for bankers to £13.3 million, at the end of what was described as a “milestone year”.
This was following a turbulent decade for the mid-size lender, who teetered on collapse, saw its former CEO charged for drug possession before being bailed out by a group of hedge funds. However, with its roots in the ethical co-operative movements, the bank is now enjoying relative stability and is seeing a brighter future on its 150th anniversary. According to Nick Slape, the newest chief executive at the Co-operative Bank, this major milestone provides the bank with an opportunity to look beyond recent scandals and spark new excitement over the “original ethical bank” of the UK.
The bank’s origins are traced back to the establishment of the Co-operative Wholesale Society, in 1872. The body went on to become the Co-operative Group that provided financial services to the wider co-operative movement in Britain, in which members owned businesses which worked for the common good. Since then, the bank has separated from the group, having been bailed out by its hedge fund investors in 2017, as part of a £700 million rescue deal.
