The Co-operative Bank sharing $2.5 million in profit with customers
The Co-operative Bank will put more money in the pockets of its customers across New Zealand today, as it shares $2.5 million of bank profits from the past financial year.
The Co-operative Bank is owned by its customers – everyday New Zealanders nationwide. It is the only bank in New Zealand that shares profits directly with customers as rebates.
In May, the bank announced a profit before rebates and tax of $20.2 million for the year ended on 31 March 2024, and it committed to returning $2.5 million of this to eligible customers. This takes the total paid to customers since the bank started its profit-sharing initiative in 2013 to $22.5 million.
Chief Executive Mark Wilkshire says the customer rebates are about sharing the co-operative’s success with customers. “As a co-operative, our customers are our owners, which puts them at the heart of what we do. Sharing our profits is an important way we share our success and contribute to our customers and communities being better off,” says Wilkshire.
The rest of the bank’s profits from the past year will be reinvested back into the co-operative for the benefit of its customers, including significant investment in technology.
The Co-operative Bank’s Board decides at the end of each financial year whether, and how much to share with customers as rebates, after considering a range of factors including the previous year's earnings and the co-operative’s future investment needs and priorities.
“We have a forward-looking investment pipeline in place, so as well as sharing rebates with customers, we are investing in the people and technology we need for the future of the co-operative. This includes replacing our core banking system – a once in a generation investment – as well as other future-focused projects looking at customer needs and products,” says Wilkshire.
"Sharing our profits is just one of the ways we help customers to bank better, which is why we are proud that customers recently voted us number one in the Consumer NZ People’s Choice Awards in banking.” Customers have voted The Co-operative Bank winners of the award for the past three years running.
For more information contact: Christine Langdon at ChristineLangdon@co-operativebank.co.nz