Customers rewarded with dividend

Brian Batchelor says bank ownership is profiting customers. Photo / Duncan Brown

Hastings and Napier customers of the customer-owned Co-operative Bank are $87,771 better off thanks to a 17 per cent increase in profit.

Hastings branch manager Brian Batchelor said dividends in Napier and Hastings varied from $10 to $400 depending on the "length, depth and breadth" of customer engagement.

Napier members of the co-operative would receive $51,235 and Hastings customers $36,536.

There are 2800 Hastings customers and 3600 Napier customers.

"It is a great result for Napier and Hastings customers and a great result for their bank," he said.

The bank, formerly the Public Service Investment Society, will pay a total of $2.1 million in rebates to customers thanks to an annual profit before tax of $15.8 million - an increase of 17 per cent on last year.

The $2.1 million rebate, to be paid over the coming month, is an increase of 18 per cent on last year.

Chief executive Bruce McLachlan said it was a "stand-out" result in the market and was driven by good balance sheet growth, sound margin and credit management and continued growth in customer numbers.

"Our rebate isn't the only thing that sets us apart from other banks," he said.

"Our mobile app continues to be rated number one in New Zealand by customers, our new internet banking site has been awarded a 2016 Honoree Webb Award in the financial services/banking category and Canstar have awarded us the Most Satisfied Customers Award for Banking for the third time.

"More and more Kiwis are discovering that our bank has a different vision of what a bank can be.

"We're the only bank in New Zealand to share our profits with its customers and that genuinely puts the customer and their needs at the very heart of everything we do."