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A rise in provisions for bad debt was almost entirely responsible for the fall
in profits of the Co-operative Bank in the first half of the year.
Profits fell to £44.7 million from £60.2 million.
The bank said that without a £58.2 million provision against bad debts, (up from
£43 million) profits would have been over £100 million.
In the first half of 2006 further increases in personal bad debts, particularly
for credit cards, continued to reflect "high levels of personal indebtedness"
and "significant increases in personal insolvencies", the bank stated.
Source:
Getting Paid
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