The Co-operative Bank was thrown into fresh turmoil today as it delayed the publication of its 2013 financial performance for a second time.

The figures have already been postponed from 26 March after the bank stunned the City by admitting last month that it needed another £400m on top of a £1.5bn cash injection at the end of last year.

When it first delayed the results, the bank’s new boss, Niall Booker, said he aimed to publish the numbers “on or before” 8 April but this rapidly approaching deadline has proved to be too challenging.

The bank – now just 30% owned by the Co-operative Group of supermarkets, funeral homes and pharmacies – has already admitted its losses for 2013 could reach £1.3bn. But the publication of the annual report will provide the detail.

The extra £400m is needed to cover the cost of compensation claims for mis-selling payment protection insurance and other financial products.

In a brief statement, the bank said it would now publish “no later” than Friday. It gave no further explanation for the delay other than to say it would enable it to finalise its accounts.

Booker, whose pay deal will be released alongside the results, has already axed 1,000 jobs – 14% of the workforce – in an effort to shed costs and return a slimmed-down bank to profitability in five years.

The veteran banker was hired by Euan Sutherland to oversee the bank at the time the £1.5bn capital shortfall was uncovered in May last year, although Sutherland quit last month after his £6.6m two-year pay deal was leaked to the Observer.

While the Co-op Group’s shareholding fell from 100% to 30% as part of last year’s rescue by bondholders, including US hedge funds, if the debt-laden mutual wants to maintain its stake it will need to find £120m to participate in the latest fundraising.

Sutherland’s walkout forced the group to also delay its results from 16 March. It is now aiming for 17 April when the losses are expected to top £2bn – in part caused by the bank but also problems inside its supermarket chain.

  • Co-operative Bank