Cooperative Bank posts flat annual earnings as shrinking margins offset lending growth

Mon, 29 May 2017

By Paul McBeth May 29 (BusinessDesk) - The Cooperative Bank, which distributes rebates to its customer-shareholders, posted flat annual earnings as shrinking margins offset lending growth from an expanding customer base, and as impairment charges on bad debts rose. Net profit was little changed at $10.3 million in the 12 months ended March 31, with an unchanged $2.1 million rebate, the Wellington-based bank said in a statement. The bank's mortgage lending grew 17 percent in the year, driving most of the gain in its loan book to $2.1 bill...

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