THE Co-operative Bank says it has the "formula for financial success" after posting record pre-tax profits.

The Manchester-based bank reported a 14 per cent rise in pre-tax profits to £122.5m in the year to January 11.

The bank, which employs 4,000 people, believes customers are attracted to its ethical and environmental stance.

Bank chief Mervyn Pedelty said: "Once again our commitment to running a responsive and responsible business has provided a firm foundation for success."