The troubled Co-operative Bank says it has "stabilised", with losses cut to £264.2m in 2014 though its turnaround plan will result in more branch closures.
It also confirmed, alongside its results, a Sky News story of Thursday evening that chief executive Niall Booker had agreed to stay on until the end of 2016.
Mr Booker took over in 2013 as the Co-op Bank faced the threat of collapse, following the emergence of a £1.5bn black hole on its balance sheet and a wider governance crisis at the Co-op Group, the UK's most prominent mutual.
The disclosure of his new deal and the Co-op Bank's results come three months after it was the only one of eight UK lenders to fail stress tests set by the Prudential Regulation Authority (PRA), an arm of the Bank of England.
The pre-tax loss marked a strong turnaround on the £1.3bn it initially reported for 2013.
The bank said today it had since revised its 2013 loss figure to £688.3m because of a gain to the value of debt on its books.
The Co-op said that while its recovery was on track, it was to speed up the sale of unwanted assets which included a "closed book" of residential mortgages that were "particularly susceptible to a severe economic stress."
It axed 15% of its staff in 2014 and closed 72 branches.
The bank said it planned to close an additional 57 branches in 2015.
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