The Co-operative Bank sailed through market turmoil in 2008, lifting profits by 70 per cent as depositors flocked to it for security.

While its listed competitors struggled, profits at the mutual rose from £50.4m to £85.6m in the year to January 10. Retail customer deposit balances were up 17 per cent, corporate deposits rose 27 per cent to £14.6bn and mortgage and corporate lending rose a quarter to £12.2bn.