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



  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:

Further Contract Win Strengthens Scott Technology’s Position In Mining Sector
China’s Assertiveness Is Becoming a Problem for Its Friends, Too
New Talisman - Chairman’s Address to AGM 2020 August 6, 2020
T&G reports its 2020 Interim Results
Gold price hits $2,000 for first time on Covid
TruScreen strengthens its market presence in central and eastern Europe
Refining NZ announces non-cash impairment
Ryman Healthcare COVID-19 update Victoria
Talisman Quarterly Activities Report to 30 June 2020
General Capital gives notice of Annual Meeting

IRG See IRG research reports