Source: The Co-operative Bank
The Co-operative Bank has returned $25 million to its customers since introducing profit-sharing in 2013, reaching the milestone with this year’s rebate, paid today.
New Zealanders are questioning where bank profits go, and whether customers are getting their fair share.
The Co-operative Bank is the only bank in New Zealand that shares profits directly with eligible customers through rebates, reflecting its 100% customer-owned model. Rather than distributing profits to external shareholders, the bank reinvests what it needs to grow and improve services, and returns the remainder to customers.
In addition to this year’s $1.2 million rebate, many of its customers have also benefited from account fee reductions and removals introduced over the past year, delivering around $2.3 million in annual savings from those changes, alongside continued improvements in digital tools and simpler products that make everyday banking easier.
Chief Executive Mark Wilkshire says the milestone highlights a fundamental difference.
“Reaching $25 million returned to customers is something we are proud of. It reflects how a co-operative model can work and what banking can look like. Our customers are our owners, and when we do well, they do well,” says Wilkshire.
“For us, that is what a fair share can look like in practice, returning value to the people who bank with us,” he says.
The 2026 Consumer NZ Banking survey reported 43% of customers think bank profits are unacceptable. The Co-operative Bank says its model offers a clear alternative: reinvest in the co-operative, then return the balance to customers.
The bank retained the market’s number one Net Promoter Score over the past year, with customers citing fairness, great service and being treated as more than just a number.
The Co-operative Bank serves approximately 180,000 customers across New Zealand.