New current accounts taken out with the bank rose 65 percent in 2008.
Ethical banking standards are proving attractive to British consumers, the Co-operative Bank said today.
The financial services provider said that the value of the bank's total commercial lending hit £4.4 billion last year. By way of comparison, in 1992 this total stood at just £571 million.
According to the Co-op, customer lending grew 15 percent in 2008, while personal savings were 40 percent up on the year. Most impressive was the growth in new current accounts being opened – a 65 percent increase over 2007.
In addition to these results, the bank also unveiled its new Ethical Policy, which was reached following consultations with customers. From now, business involving biofuels with "a particularly high global warming potential", along with organisations which are involved in any "exploitation of the great apes" will be turned down if they apply to deal with the bank.
David Anderson, The Co-op's chief executive, commented: "Never has it been more important that responsible lending is prudent lending and I'm pleased to say that The Co-operative Bank's Ethical Policy has stood us in good stead for more than 15 years now.
"The Bank's Ethical Policy has led to more than £1 billion in unethical business being declined, but it has also contributed to a massive £3.8 billion net growth in our corporate lending."
