Sharechat Logo

Co-operative Bank names McLachlan as CEO, FY profits fall

Wednesday 20th June 2012

Text too small?

The Co-operative Bank, formerly known as PSIS, has appointed Bruce McLachlan as its new chief executive. The bank announced a fall in full-year profits.

McLachlan whose appointment is subject to approval by the Reserve Bank will take over from acting chief executive, Gareth Fleming. The bank's former chief executive, Girol Karacaoglu left to become a deputy secretary at the Treasury on March 1. Fleming will return to his role as general manager of marketing and products.

Profit fell $200,000 to $7.4 million, in the 12-months ended March 31. Sales increased $5.4 million to $129 million.

“Although the bank’s pretax operating profit of $6.6 million is down on the previous year, we’re pleased with the result, as the reduction in profit is primarily due to the one-off costs associated with bank registration and re-branding as The Co-operative Bank,” Steven Fyfe, chairman said in a statement.

BusinessDesk.co.nz

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Booster tests waters with NZX listing of private property trust
Liquidation can be sought on small debts, appeal court finds
House price inflation rekindles but low sales volumes suggest caution
Liquidators estimate $16m shortfall from Stanley-Tallwood collapse
Manufacturing contraction extends into August
House price inflation rekindles but low sales volumes suggest caution
13th September 2019 Morning Report
Tamarind halts Tui drilling; OMV assesses options
NZ weaker as ECB package, inflation data lifts greenback
MARKET CLOSE: Z Energy, Synlait crash on earnings downgrades

IRG See IRG research reports