Arrears jump 10% on Co-op Bank's $3b mortgage book

(Image: NZME)

Tue, 28 May 2024

The Co-operative Bank has had a 10% jump in arrears on its now $3 billion mortgage lending book, despite a 40% fall in arrears post 90 days.In the 12 months to the end of March, the bank reported a profit before rebates and tax of $20.2m, up from $18.5m.Profit after tax for the year was $12.7m, up from $11.4m.Net interest income increased 6% to $85.9m.Over the period, its mortgage book grew 8% to just over $3b from $2.78b in the year prior. Customer deposits grew 7% from $2.83b to $3.02b in the most recent year.Its...

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