The Co-operative Bank has hailed its "positive momentum" after its pre-tax profits jumped by over £100m during its latest financial year.
The Manchester-headquartered bank has posted profits of £132.6m for 2022, up from the £31.1m it achieved in 2021. That previous figure was the first time the bank had posted a full-year profit in a decade.
New figures also show the bank's total income rose from £361.5m to £499.4m in 2022.
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The accounts come after BusinessLive reported that the bank had tabled a bid for a £650m loan portfolio being offloaded by Sainsbury’s Bank.
The bank has also announced its commitment to reach net zero on Scope 1 and 2 direct emissions by 2030, and to transition its Scope 3 lending portfolios to align to net zero by 2050 at the very latest.
Chief executive Nick Slape said: "I am extremely proud of what we have achieved during our 150th year. The bank has not only delivered a significant improvement in profitability to £132.6m (FY 21: £31.1m), but has also achieved several notable milestones, such as the successful issuance of £250m of senior unsecured debt in March 2022, full compliance with its capital requirements including all buffers one year ahead of plan and the de-risking of the Pace defined benefit pension scheme.
"Our IT simplification programme is progressing well with the successful launch of two new savings products, with the final one due to launch in Q1, which will complete the re-platforming of the savings books. We will fully in-house our mortgage servicing capabilities by the first quarter of this year.
"While the macro-economic environment remains challenging, we continue to work hard to ensure that both our customers and colleagues feel supported.
"Looking to the future, we are focussed on delivering both growth and attractive, sustainable returns for our shareholders. Our capital position gives us the scope for optimisation as well as continued investment in our group and returns of capital to shareholders.
"I would like to take the opportunity again to thank our colleagues and customers for their support."
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