Belma and Sangeeta in the tunnel underneath Sarajevo that was used during the war, man showing photos and remnants from the war when the tunnel was used. Soliders used the tunnel to ship food aid through…
In this clip Belma takes us back to her old school, which was used by the Bosnian army as a base.
Then she goes to the town centre, and chats with an old couple about Bosnia.
On the 11th September we announced our interim results which show that CFS has, to a far greater extent than the majority of our competitors, weathered the current storm in the financial markets. We’ve continued to do this in a sustainable manner, (as our investments are all in line with our customer-led ethical policy - a first, and unique, amongst UK high street banks. )
Financial Highlights
Total shareholder profit before tax, significant items and short-term investment fluctuations was £73.4m (2007: £38.0m) an increase of £35.4m.
Key points:
£46.2m profit from Banking activities (2007: £45.5m),
£1.5m technical loss from General Insurance (2007: £33.3m loss) an improvement of £31.8m from 2007 which was affected by exceptional weather
Bank net revenue increased by £15.7m with an increase in net interest income of £13.3m and an increase of £2.4m in non-interest income.
Bad debts fell to £45.3m (2007: £53.2m).
General Insurance claims ratio fell by 19.5% to 74% (2007: 93.5%). (Long-term business in Life and Savings is transacted on a mutual basis with all profits retained for the benefit of policyholders)
David Anderson, our Chief Exec said: “These results reflect a very solid performance in what is currently a tough market. Whilst we aren’t immune from the economic consequences of the credit crunch we strongly believe that by demonstrating that building your business on strong ethical principles and by delivering evidence of clear ethics in action, such as our involvement in microfinance, we will continue building on the trust and responsibility associated with The Co-operative brand”.
The Bank’s ethical policy is being renewed this year - if you want to be involved in the vote, you can get more information here.
The Co-operative Bank has created a special $50 million fund in order to support the future development of small businesses in some of the world's poorest countries. Here we follow Belma Gracankic, a Bosnian refugee who now works at the bank, as she returns home to see how microfinance has helped rebuild lives in Bosnia.