Manchester-based Co-op Bank has revealed that the cyberattack it suffered earlier this year has cost the group £80 million, pushing it into an operating loss for the first half of 2025.
The group said the attack led to a £206 million loss in revenue over the six months to July 5, as key systems were temporarily shut down to contain the threat.
“When Co-op was targeted by a sophisticated cyberattack, we acted quickly and decisively to temporarily shut down a number of systems to contain the threat,” the group said in a statement.
Debbie White, Chair of the Co-op, praised the organisation’s resilience and its colleagues’ response:
“The first half of 2025 brought significant challenges, most notably from a malicious cyberattack.
Our balance sheet strength and the magnificent response of our 53,000 colleagues enabled us to maintain vital services for our members and their communities.
We must now build our Co-op back better and stronger to meet the challenges and opportunities that lie ahead.”
Looking ahead, the group expects the second half of the year to remain challenging, citing cost pressures, global volatility, and increased competition.
“We anticipate continued cost headwinds, global volatility and high competition,” the Co-op said. “In response, we remain committed to disciplined investment to support our future, while managing a reducing level of cyber impact through the second half.”
Despite the disruption, Co-op remains focused on growth and recovery, with plans to open 30 new stores and launch new product ranges, including ‘Served’ – a ready-to-cook meal range for two priced at £8, or £7 for members.
