November 7, 2019 / 7:18 AM / 10 days ago

Losses at UK's Co-op Bank widen after PPI charge

LONDON, Nov 6 (Reuters) - Losses at Britain’s Co-operative Bank increased in the third quarter, as it faced ongoing competitive pressure in the mortgage market and a 60 million pound ($77.03 million) charge for mis-selling loan insurance.

The lender posted a pre-tax loss of 118.6 million pounds for the period, compared to an 87 million pound loss the previous year.

The bank’s net interest margin - a key measure of underlying profitability - fell to 1.76%, down seven basis points from 1.83% the previous quarter. ($1 = 0.7789 pounds) (Reporting by Iain Withers Editing by Rachel Armstrong)

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