Source: The Co-operative Bank
The Co-operative Bank has reported its FY26 annual results and announced at its AGM last night that customer-shareholders had elected experienced financial services executive Nick Astwick to its Board.
The customer-owned bank reported a profit before rebates and tax of $11.1 million and maintained a total capital ratio of 18.5%, the highest among New Zealand-registered banks, providing a strong buffer to support customers, help protect depositors and enable continued investment through economic cycles.
Chief Executive Mark Wilkshire said FY26 was focused on addressing what customers said mattered most while strengthening the Bank for the future.
“This year we reduced fees, simplified products, improved digital capability through the launch of digital wallets, and lifted service consistency,” Mr Wilkshire said.
“Customers have responded positively to these changes, with growth in customer deposits, savings funds and home lending during the year. We’re seeing customers choose to do more of their banking with us.”
Last month, The Co-operative Bank returned a further $1.2 million to eligible customer-shareholders through its rebate profit-sharing model, taking the total amount returned to customers since the initiative began in 2013 to $25 million.
“Profit sharing is a clear demonstration of our customer-owned model in action. When we do well, our customers do well. We reinvest what we need to strengthen the Co-operative and improve services, then return the balance to our customers,” he said.
The Bank also delivered an estimated $2.3 million in annual customer savings through fee reductions and removals introduced during the year, alongside continued investment in digital tools and simpler banking products.
FY26 highlights included:
– Revenue of $101 million.
– 8.5% growth in savings funds.
– 3.4% growth in customer deposits.
– 3% growth in home loan lending.
– Maintaining the number one ranking in the Consumer NZ Banking Survey for the fifth consecutive year.
At the AGM, it was also announced that customers had voted to elect Nick Astwick as a director.
Mr Astwick brings more than 20 years’ experience across banking, insurance, investment management and other highly regulated sectors. He is currently Chief Executive Officer of Southern Cross Health Society and has extensive experience leading large customer-owned and member-based organisations.
Chair Brett Sutton said Mr Astwick’s experience will be a valuable addition to the Board.
“Nick brings extensive leadership experience across customer-focused organisations, deep knowledge of financial services and a strong understanding of co-operative and member-based business models. We are delighted to welcome him to the Board.”