Company News A.N.Z. BANK Profit Rises

Press, Volume XCVII, Issue 28747, 19 November 1958, Page 19

Company News A.N.Z. BANK Profit Rises

(New Zealand Press Association)

WELLINGTON. November 18. The Australia and New Zealand Bank. Ltd., announces a net profit for the year ended September 30, 1958, of £ 1.04 m (£ 1.02 m last year) after providing for taxation and making transfer to reserves and provision for contingencies. The board has recommended a final dividend of 8 per cent, which, together with the interim dividend of 4 per cent, paid on July 13, 1958. make a steady 12 per cent, for the year, less United Kingdom income tax at the standard rate of 8s 6d in the £. The interim and final dividends absorb £883,269 and £1,247,465 is carried forward. The net profit of Australia and New Zealand Savings Bank, Ltd., a wholly-owned subsidiary company, for the year ended September 30, amounted to £161,486 ( £80.810). The savings bank has paid a first dividend of 5 per cent, which, after deduction of United Kingdom income tax amounted to £28,865 and is included in the net profit of the parent company. £125.500 (nil) has been transferred to reserve fund, leaving £112.636 to be carried forward. Since the end of the financial year the Australia and New Zealand Savings Bank. Ltd., has issued a further 800,000 shares of £1 each at par to the Australia and New Zealand Bank for cash, thus increasing the paid-up capital of the company to £l.6m.