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Platform lends £250m in first half of 2011

Platform, the intermediary lender of the Co-operative Bank, advanced £250m to borrowers in the first six months of the year.

The lender has not disclosed its lending figures for the first half of 2010, but gross lending for the entire year stood at £600m and it says it anticipates lending to be at roughly the same level at the end of 2011.

A spokesman for the lender says expected increase in lending for the second half of 2011 will be driven by buy-to-let lending.

For the period ending June 30, Co-operative Financial Services made a pre-tax profit of £130.5m while Co-operative Bank, which is part of CFS, made a £14.7m pre-tax loss in the first six months of 2011.

The results reveal Co-operative Bank made a £90m provision for the payment protection insurance it has sold.

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