The Co-operative Bank receives credit rating upgrade from Fitch

The Co-operative Bank receives credit rating upgrade from Fitch 

Fitch Ratings announced yesterday that it had upgraded The Co-operative Bank’s credit rating to BBB+ from BBB with a stable outlook. 

Mark Wilkshire, CEO of The Co-operative Bank, said the upgrade reflected the bank’s sustained improvement in earnings, prudent financial management and sound risk profile.  

“We were very pleased with this rating upgrade. We first saw a significant lift in operating earnings in the 2021 financial year and have delivered stable earnings since then, while steadily growing the bank’s lending book.  And we have worked hard to have our business model, financial management and risk management processes support our overall financial stability, while at the same time retaining our focus on delivering great customer service,” Mark Wilkshire said. 

“We are the only New Zealand bank that is 100% owned by our customers and shares its profits with customer shareholders as rebates. Providing secure, stable and reliable banking services is a key part of helping our customers to bank better. Our improved credit rating further reinforces our commitment and efforts in this area.”  

Fitch noted that The Co-operative Bank is positioned well across a range of its key metrics, including having the highest capital ratio amongst its peers, a strong liquidity position and a sound loan portfolio. 

The full fitch report can be viewed at www.fitchratings.com/research/banks/fitch-upgrades-new-zealand-co-operative-bank-to-bbb-outlook-stable-23-07-2024.

About The Co-operative Bank

The Co-operative Bank is the only bank in New Zealand to share its profits with its customers. We offer what you’d expect from a bank – accounts, lending, insurances and more but we’re truly different from other banks in that we’re owned by our customers and we were built on the idea of giving back. Since 2013 we have shared $22.5 million with our customers in the form of rebates. We have a national network and a team of 400 people supporting more than 180,000 customers across New Zealand.