Moreover, the bank noted that net residential lending hit £242m, net SME lending was seen at £225m, and Bounce Back loans and CBILS were recorded to have reached £84m.

From March 2020, the lender has provided 20,000 payment deferrals across mortgages, loans and credit cards to support customers through the pandemic.

However, the banks loss before tax was noted at £68.1m.

Furthermore, The Co-operative Bank outlined that its capital position was reinforced with strong CET1 ratio improving to 19.1%.

Nick Slape, chief executive at The Co-operative Bank, said: “This a challenging time for all banks, given the uncertain economic outlook and continuing low base rate, but whilst we remain loss making as anticipated in our plan, the results also show our resilience as we continue to make significant progress in our turnaround.

“Our strong CET1 ratio, low-risk credit book and successful milestones delivered in IT and digital transformation mean we are navigating this unprecedented environment robustly.

“This enables us to focus on providing the support our customers need, and we are pleased to have been able to provide over 8,000 loans to small business customers at this critical time through the Bounce Back Loan Scheme (BBLS) and Coronavirus Business Interruption Loan Scheme (CBILS).”