New Zealand: The Cooperative Bank shares US$ 2.5mln profit with customers
WELLINGTON – The Cooperative Bank recently forked out US$2.5 million in rebates to customers across New Zealand.
The Wellington-headquartered bank is 100 percent-owned by its customers, who are shareholders, and is also the only New Zealand bank that shares its profits with customers as rebates. It is similar to how rival banks, including ANZ and Westpac, pay dividends to their shareholders.
Last month, The Cooperative Bank reported an underlying profit before rebates and tax of US$ 20.6mln and committed to returning US$ 2.5mln of said profit to eligible customers via a rebate, despite a decline in profit before tax. This takes the total paid to customers since the rebate initiative began in 2013 to US$ 20mln.
Mark Wilkshire, The Cooperative Bank CEO, said the rebates were about sharing the bank’s success with customers.
“Because we’re customer-owned, making sure our customers have more money in their pockets is a priority,” Wilkshire said. “Providing rebates is an important way that we share in our success and demonstrate our commitment to our customers…
“At The Cooperative Bank, success is not singularly about profit. It’s about our customers, our communities and the enduring relationships we forge with them over their lives. For us, banking better means helping people into their homes, helping to protect them and their assets, and sharing the success as a bank along the journey and throughout their life.”
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