The Co-operative Bank's annual net profit has risen 1.7% after providing for a $1 million rebate to its customers, who are also its owners.
Net profit at the country's smallest bank rose to $5.8 million for the year ended March compared with $5.7 million the previous year.
Profit before rebates and tax rose to $8 million, a 21% rise on the previous year.
Chief executive Bruce McLachlan says it is the first time the bank has paid a rebate to customers and most will receive between $5 and $200 each.
"Our directors have wanted to make sure that when they are in a position to pay rebates it's not just about this year ... and now that the business has shown some growth and had a good year's profit they believe not only can we pay rebates this year, but they believe that's sustainable into the future as well."
Co-operative Bank received its banking licence in October 2011.
