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housebuyer
Money Saver
Joined: 02 May 2005
Posts: 81
Cash Points ££ 2815.22
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 Posted: Sun Sep 17, 2006 8:00 pm Post subject: Bad debts are everywhere ! |
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Bad debts eat into Co-op profits
Customers having difficulty keeping up their credit card payments and a rise in personal insolvencies have helped knock a hole in the profits of the Co-operative Bank.
The rise in provisions for debts that have turned sour was almost entirely responsible for the fall in profits in the first half of the year to £44.7m from £60.2m. Without a £58.2m provision against bad debts - up from £43m - profits would have been over £100m, the bank said.
The Manchester-based bank said that 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".
http://money.guardian.co.uk/news_/story/0,,1872988,00.html |
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Quinn
Saving Enthusiast
Joined: 06 Feb 2005
Posts: 181
Cash Points ££ 2817.02
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| Posted: Tue Sep 19, 2006 8:01 pm Post subject: |
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Thats one the reasons why I am wary of investing in banks, since they may be hit by large debt defaults and thus profit losses, though given the low pe's many banks are discounted agaisnt this.
Its a tough one ! |
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Victor
Beginning Saver
Joined: 05 Aug 2006
Posts: 35
Cash Points ££ 1077.84
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| Posted: Wed Sep 27, 2006 1:08 am Post subject: |
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| Good, I'm glad that these thieving banks are going to suffer a little ! |
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Duckie
Newbie
Joined: 16 Mar 2005
Posts: 23
Cash Points ££ 443.06
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| Posted: Mon Oct 02, 2006 7:18 pm Post subject: |
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Being in debt, I know what its like, and I would not wish it on anyone !  |
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