Bank shares profit payout with Whanganui customers

Bank video celebrates profit payout

A bank is sharing its profits with its customers and has produced a video to mark the occasion.

As part of its mission to Change Banking For Good, The Co-operative Bank is sharing $2.1 million in rebate payments with its customers, with customers in Whanganui receiving a share of $81,247.

The payout - The Co-operative Bank is the only New Zealand bank to share its profits with its customers - comes off the back of a solid year. More than 15,000 new customers joined the bank in the 12 months to 31 March, 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.

"It's an exciting time to be part of The Co-operative Bank, and we're delighted
to be again rewarding our customers with a total of $2.1 million delivered in
rebates this week," he said.

"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 in Whanganui and across New Zealand 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.

To celebrate Happy Rebate Day, the bank has produced a video that highlights just how great it feels when you unexpectedly received something you're not expecting.