Over 115,000 New Zealanders will receive a welcomed addition to their bank accounts as The Co-operative Bank shares its annual rebate.

Bay of Plenty locals who bank with The Co-operative Bank and are entitled to a rebate, will receive their share of more than $128,700 of this year's $2.1 million pay out.

This brings the total amount of profits the bank has shared with its customers since 2013 to more than $12 million.

The rebate exemplifies The Co-operative Bank' ongoing commitment to ‘doing right' by New Zealanders – and comes in the wake of a recent brand refresh, designed to better reflect how as a Co-operative, they are a bank that can also be a little ‘unbanky' too.

CEO of The Co-operative Bank David Cunningham says both initiatives signify The Co-operative Bank's commitment in delivering for its customers and adapting to their changing needs.

'Our customers are at the heart of The Co-operative Bank, in fact, they own it. Sharing our success with the people that help us grow is not only the right thing to do, it also brings us joy to give back to New Zealanders and local communities nationwide.

'It's important for us to stay connected, approachable and relevant to our incredible customer community. Our bold new brand is a better reflection of our core values, bringing to life our passion for making people's everyday lives easier,” he says.

'As the only bank in New Zealand to share its profits with customers, we're proud to continue to do right by Kiwis.”

The remainder of the bank's annual profit is reinvested to fund continued growth, and to develop new products and services for its customers, further helping them to provide an industry leading customer experience.