Cooperative Bank lifts annual profit 24% on expanding loan book, fatter margins

Thu, 28 May 2015

By Paul McBeth May 29 (BusinessDesk) - The Cooperative Bank, formerly known as PSIS, lifted annual profit 24 percent for a second year as it continued to expand its loan book, reduce bad debts, and fatten margins. Net profit rose to $8.9 million in the 12 months ended March 31 from $7.1 million a year earlier, the Wellington-based lender said in a statement. Net interest income climbed 14 percent to $48.8 million, with net interest margins widening to 2.88 percent as at March 31 from 2.76 percent a year earlier, fatter than those of the m...

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