Co-op Bank tripled its net loss - and it looks like the pain is going to continue

The Co-operative Bank just revealed it made a hefty net loss as the group continues to struggle with repairing itself from its near-collapse two years ago.

For the six months ending June 30, pre-tax losses tripled year-on-year with £204.2 million ($320 million) for the period, compared with losses of £77 million ($121 million) a year earlier.

The bank said the loss was "better than management targets." However, follows on from last year's depressing results. In 2014, its statutory loss before tax hit £264.2 million ($414 million), which is "considerably better" than the £632.8 million it lost in 2013, said the bank at the time.

In a lengthy statement in the bank's interim financial results for the period, Co-op Bank CEO Niall Booker warned that it will be a long time until the institution will seen as healthy again (emphasis ours):

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