The troubled Co-operative Bank has reported a pre-tax loss of £75.8m for the first half of 2014, down from £845m a year ago.
It has also cut staff numbers by 13% in the first six months of the year.
The bank was rescued in 2013 after discovering a £1.5bn capital shortfall.
"Considering the scale of the challenge we faced a year ago we are encouraged by the progress made to ensure the stability of the bank," said chief executive Niall Booker.
After the discovery of the capital black hole, a deal was reached which saw the wider Co-op Group cede majority ownership of the bank to bondholders, including a number of US hedge funds.
Last year, before the bank rescue, it was hit by a separate scandal when its chairman Paul Flowers was arrested in connection with a drugs supply investigation.
In April the bank confirmed it made a loss of £1.3bn for 2013.
Mr Booker reiterated that the bank did not expect to achieve a full-year profit until 2016.
But he also said the bank was now ahead of schedule in the disposal of non-core assets and had "improved governance, particularly at board level".
Chris Wheeler, a banking analyst at Mediobanca, told BBC 5 live that "there are signs of progress" but there were still "problems they have to deal with," including a drop in deposits.
Mr Wheeler also said that a reduction in money set aside for bad debts "flattered" the profit figures.
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