Performance and achievements

Performance

Total shareholder profit before tax, short term investment fluctuations, significant items and membership dividends was £155.4m compared to £146.2m in 2006.

Profit before tax was £84.0m (2006: £232.4m).

Average customer deposits grew by £0.7bn (9%) to £8.3bn and average customer lending balances grew by £0.3m (3%) to £8.0bn reflecting growth in Corporate balances.

The General Insurance result has improved from a profit of £37.0m in 2006 to £67.1m.

Achievements

• smile won 'Best of the Best' for current account products in the Which? Awards
• smile won one of the UK's Top 100 'Cool Brands' for 2006/07
• smile won the 2007 PETA Europe Proggy Award
• Best Direct Mortgage Lender 2006/2007, Best Online Banking Provider and Best Student Account in Your Money Awards
• Best 100% Mortgage Provider at Moneyfacts Awards
• Highly Commended Direct Mortgage Lender 2007/2008 by Your Mortgage Magazine
• Highly Commended in 'Best Credit Card Provider' Standard Rate' for our Clear credit card
• The Co-operative Investments won Best Ethical Investment Provider in Investment Life and Pensions Moneyfacts Awards
• CIS Insurance Cup Final won at 2007 Hollis Sponsorship Awards
• Named 'most impressive bank' in the Times Consumer poll
• Corporate and Social Responsibility Project of the Year Award at The British Insurance Awards 2007
• The Co-operative Insurance as a best buy for home and car insurance - Ethical Consumer magazine
• The Co-operative Insurance declared 'Customer Claims Champions 2007' - Consumer Intelligence
• CIS Sustainable Leaders Trust was the first ethical trust to top the UK investment marketplace
• CIS Solar Tower wins prestigious 'Built in Quality' Award in Manchester
• Citywire name Mike Fox 'Fund Manager of the Year 2007'
• Increased support for Microfinance initiatives through special $50m fund, supporting businesses in some of the world's poorest countries
• CFS continues to maintain the highest proportion of satisfied customers compared to other key financial service providers
• Voted number one high street bank for customer service by BBC Watchdog survey.