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The Co-operative Bank will pay out more than $2 million in rebates to its 115,000 customers next month after reporting an increased operating profit for the year ended March.
The bank, formerly the Public Service Investment Society (PSIS), reported a profit before rebates and tax of $16.7 million for the period, up 1.2% on the $16.5 million reported in the previous corresponding period.
Net operating revenue grew to $77.2 million from $72.9 million in the pcp and the reported profit was up slightly to $10.5 million from $10.3 million.
The $2.1 million rebates would take total rebates paid since 2013 to more than $10 million.
Chief executive David Cunningham said the bank's year-end capital ratio of 16.8% was pleasing and one of the highest in the New Zealand banking market.
Mortgage lending increased by 8.5% and retail deposits by 8.1% to more than $2.2billion - almost entirely sourced from New Zealanders.
There had been considerable focus on the banking industry following the start of the Australian Royal Commission inquiries, he said.
"It is fair to say this has not shown some Australian financial institutions in a favourable light. I believe a strong factor in Co-operative Bank's continued growth is concern about the scale of banking profits - close to $5billion - sent offshore to to Australia each year.
"This is coupled with public recognition that, as a customer-owned bank, we exist for the benefit of our members, with a strong focus on conduct and culture.''
More than 14,000 new customers joined the bank during the year, taking the customer base to 165,000. There was also significant growth for the Fair Rate credit card and 13,000 were now on issue, Mr Cunningham said.
The bank would continue to focus on growth, both in attracting new customers, growing relationships with existing customers and increasingly using digital channels.
Most of the main bank customers now interacted primarily through digital channels. Their expectation was most products and services would be available digitally, he said.