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Co-op shares $2.1m with customers

The Co-operative Bank has shared out $2.1 million of profit with customers as part of its annual rebates payout.

The banking group's payout this year takes its total to more than $10 million since 2013, the group said in a statement. 

The rest of the bank's annual profit is reinvested into the lender, covering new products and services and its digital offering.

Co-operative Bank CEO David Sullivan said: “The Co-operative Bank is proudly owned by our customers, right here in New Zealand, so we’re thrilled to again be sharing $2.1million directly with our customers. It’s unique and exciting to see our profits going straight into the pockets of our customers in local communities nationwide."

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