Cooperative Bank profit drops 8.7% after cutting customer fees

Mon, 27 May 2019

By Paul McBeth May 27 (BusinessDesk) - Cooperative Bank posted an 8.7 percent decline in annual profit as the minnow lender cut $5 million in fees charged to its owner-customers. Net profit fell to $9.6 million in the 12 months ended March 31, from $10.5 million a year earlier. That's its smallest profit since 2015. However, the bank still paid an unchanged annual rebate of $2.1 million to its customer-owners. The lender added 14,700 customers in the year and now has 160,000. Of that, it has 81,000 active digital customers. "While lo...

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