Co-operative Bank shares $64,512 with Rotorua customers

The Co-operative Bank is today sharing $2.1 million in rebate payments with its customers. Photo/File

The Co-operative Bank has shared $2.1 million in rebate payments with its customers, with customers in Rotorua receiving a share of $64,512.

The Co-operative Bank is the only New Zealand bank to share its
profits with its customers and the payout comes off the back of a solid year.

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, said chief executive David Cunningham.

"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.

"We continue to focus on growth, which means not only attracting new customers but, equally as important, growing our relationships with existing customers, increasingly via digital channels."

Mr Cunningham said for most customers the rebate would 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.