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Co-operative Financial Services 'reports 11% profit increase'

The Co-operative Financial Services (CFS), part of the leading credit card provider the Co-operative Group, has announced an increase in profits by 11% in its interim results.

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11 September 2009

Co-operative Financial Services 'reports 11% profit increase'”

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It also reported a profit of £41.7 million from banking activities, in comparison to £46.2 million in 2008.

Another highlight for the CFS has been winning the prestigious 2009 Which? award for Best Financial Services provider.

It also won two awards at the annual Card Awards. These accolades were Best Corporate Social Responsibility Programme and Best Charity Credit Card Programme.

CFS has also launched a new school art fund, though which it enables schools to apply for a £2,000 grant to run art, music and drama projects.

Neville Richardson, chief executive of the CFS, said: "These are encouraging trading results, which serve to illustrate the strength, sustainability and financial prudence of our business in what remains a very tough economic environment.

"We have maintained a strong balance sheet which has been supported by excellent sales growth across our core banking, insurance and investment areas."

The Co-operative Bank is currently offering a platinum credit card for those with a gross annual income of £25,000 or more.

A rate of 9.9% APR typical variable is offered on the card, as well as up to £100,000 free travel accident insurance when holders use the card to pay for tickets.

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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