Co-operative Bank lifts annual profit 24.4%

Chief executive Bruce McLachlan says the major factor in his bank's increased lending performance is the greater brand recognition it's been receiving.

Jenny Ruth
Fri, 29 May 2015

Co-operative Bank’s annual net profit jumped 24.4%, driven by strong mortgage lending and a sharp drop in the costs of bad debts.

The bank, formerly the PSIS, reported an $8.9 million net profit for the year ended March, up from $7.1 million the previous year.

Its bad debt expense fell 32% to

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