The Co-operative Group has sold is remaining 1% stake in Co-op Bank for £5m. The announcement was made along with the company's interim profits.

Underlying half-year profits fell to £14m from £27m a year earlier, as its insurance business reported a £1m operating loss.

Sales at the Co-op Food business rose for the 14th quarter in a row, with like-for-like sales up 3.5%. Its convenience stores saw sales rise 4.5% on a like-for-like basis.

Chief Executive Steve Murrells told BBC Breakfast that he is not worried about losing customers to the discount supermarkets.