Cooperative Bank lifts annual profit 16% on expanding loan book, seeks to raise $30 mln

Fri, 03 Jun 2016

By Paul McBeth June 3 (BusinessDesk) - The Cooperative Bank, which distributes rebates to its customer-shareholders, lifted annual profit 16 percent as its loan book grew at twice the pace of the wider financial system. The lender now wants to raise $30 million to build up its capital buffer to support that growth. Net profit rose to $10.3 million in the 12 months ended March 31 from $8.9 million a year earlier, the Wellington-based bank said in a statement. Net interest income gained 5.5 percent to $51.5 million as its loan book expande...

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