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It's payday for The Co-operative Bank customers

The Co-operative Bank has paid $2.1 million in rebate payments to its customers following the release of its annual results.

The Co-operative Bank is the only New Zealand bank to share its profits with its customers. More than 15,000 new customers joined the bank in the 12 months to March 31, taking its customer base to 156,000.

This marks the fifth year in a row since it became a registered bank that it will share its profits directly with its customers, chief executive David Cunningham says.

“Our bank is owned by each and every one of our customers: we much prefer seeing our profit going into their pockets rather than anyone else’s."

For most across New Zealand the rebate will be between $10 and $500. The rest of the Bank’s profit is reinvested to fund further growth and to develop products and services for customers.

Profit before rebates and tax in the year ended 31 March 2017 rose to $16.5million – an increase of 4%. For a detailed report on the bank's performance READ ON