BANK OF NEW ZEALAND

Bay of Plenty Times, Volume L, Issue 8002, 6 June 1922, Page 3

BANK OF NEW ZEALAND

SUBSTANTIAL PROFIT' FOR YEAR. (Per Press Association— Copyright.) Wellington, June 6. The report and balance sheet and profit and loss statement of the Directors of the Bank of New Zealand, to bo presented at an ordinary gener al meeting of the proprietors for the year ended March 31 last, shows that the profits, after providing for the expenses of management, all bad and doubtful debts, and other contingencies, and after making provision for the annual donation to the provident fund, for a special grant to increase pension benefits, and for a bonus to the staff, are '.£703,242/4/8. From this has to be deducted, as interest on guaranteed stock, £21,199/10/2, leaving £682, 042/14/6. Of this sum the directors have allocated in reduction of bank premises and furniture £50,000, leaving a balance of profit for the year of £632,042/14/6, to which has to be added the balance brought forward from last year of £361,275, 16/9, making £993,318/11/3. From ■i is there has been paid a dividend on preference a shares, £50,000; interim dividend on preference b shares, £21,875; interim dividend on ordinary shares £131,250. These make a total of £203,125, leaving available for distribution £790,192/11/3. This, the directors propose, should be disposed of as follows; Dividend on preference B shares, making £62,500 for the year, equal to 21- per share, £40,625; dividend on ordinary shares, making £300,000 for the vear, equal to 2/8 per share, £l6B, 750; transfer to reserve fund, £l5O, 000, making a reserve fund of £l, 675,000, leaving a balance to be carried forward £430,818/11/3. Dining the year branches have been opened al Hamilton North and the North End (Wellington) Agency is been ro-opened at Avondale and the ag£ency at Normanby has been closed.