Co-operative Bank's Dec Qtr profit falls, mortgage book grows
Reporting as a bank for the first time, the former PSIS' net profit for the three months ended December fell to $1.6 million from $2.5 million in the same three months of 2010. Profit for the nine months ended December halved to $3.4 million.
The bank puts the costs of becoming a bank at $0.6 million in the December quarter and $1.4 million in the nine months ended December.
Acting chief executive Gareth Fleming says underlying net profit in the nine months is down about 16%, reflecting squeezed margins as the fledgling bank had to pay more for deposits.
The bank's net interest income fell 2% to $10.4 million in the latest three months and was down 9% to $30.1 million in the nine months ended December.
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