Coventry Building Society’s profits have plunged as it gears up for a multimillion-pound takeover of The Co-operative Bank.
Pre-tax profits for the first half of the year fell to £159m, down from £269m during the same period in 2023.
The building society blamed the lasting effects of an “exceptional operating environment” in 2023.
It comes as the impact of higher borrowing costs begins to wear off for the UK’s high street banks, which had been benefiting from charging more for loans.
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