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PPI claims pull Co-op profits down

The Co-operative Banking Group has revealed the number of payment protection insurance (PPI) claims it has received so far in 2012 has risen.

In its interim results, it pointed out that the rising number of PPI refunds it is dealing with is seen in many of its competitors.

While the bank's revenue increased by 3.9 per cent over the year to reach £1 billion, when PPI reclaim provisions are taken into account, it actually fell by 1.1 per cent.

Furthermore, compensating people affected by the scandal also caused its operating profit to drop 67.9 per cent to reach £36.9 million.

The Scotsman reports that chief executive of the lender Peter Marks expressed remorse for the firm's involvement in the PPI scandal.

"If we could turn the clock back, we would not have done it," he said, admitting that the enterprise is "not perfect".

"We are not just about maximising profit. We have social and ethical goals," he stated.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801435909-ADNFCR

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