Company News BANK OF N.S.W.

Press, Volume CI, Issue 29994, 1 December 1962, Page 16

Company News BANK OF N.S.W.

Profit Up 23 p.c. (N.Z. Press Assn.—Copyright) SYDNEY. November 30. The consolidated net profit of the Bank of New South Wales rose £607.676 or 22.6 per cent, to £3394490 to the year to September 30. The consolidated profit last year rose from to but today’s result is not really comparable with the previous results, the directors say. This is because the bank has conformed with the uniform Companies’ Act and as a result the consolidated accounts embrace operations and results of all subsidiaries this year. Previously, they were a consolidation of the bank and savings bank figures only. The consolidated result is after £2,936,809 for income, land and other taxes, a figure not previously shown. It is more than double the £1.491,417 disclosed in 1954.

The profit of the trading bank increased from £2381508 to £2,771,158, during the year, while net earnings of the savings bank increased from £506,043 to £520,749. Bonus Dividend The usual 9 per cent dividend requires an unchanged £1,975,500 and the special bonus dividend of 2| per cent, which is being paid from a £600300 recovery of excess tax provisions, absorbs a further £548,750. Loans and advances to customers, which dropped back sharply to £ 329 5m last year, recovered in the latest 12 months to £ 335.4 m.

Deposits with the trading bank jumped from £539.1m to £571.5m, while depositors’ balances with the savings bank were up from £ 173.6 m to £207.1m.

At the balance date, total consolidated deposits, bills payable and all other liabilities stood at £ 779.4 m (previously £ 753.5 m). The bank held £4325,156 of shares in listed companies and £450,433 of shares in unlisted companies. The statutory reserve deposit account with the Reserve Bank of Australia was £44.5m (£50.1m) while a £l2 4m (£9.6m) statutory deposit was held by the Reserve Bank of New Zealand.

McKENDRICK SPINNING

£24,153 Profit Last Year

(N.Z. Press Association) AUCKLAND, Nov. 30. In its first full year of operation, to August 31, McKendrick Spinning Mills, Ltd., Auckland, increased net profit from £727 to £24,153. Ail the ordinary shares in this company are owned by McKendrick Consolidated Industries, Ltd. As the McKendrtck group is now following a policy of consolidation the assets of Mic Kendrick Textiles, Ltd., and Capital Carpets, Ltd., were taken over on September 1, 1962. The completoin of these purchases will be financed by issuing 190,000 ordinary £ 1 shares to MicKetndirick Consolidated, the chairman (Mir E. H. Halstead) says in the annual report. The profit represents an earning rate of 64 per cent, on steady ordinary capital and 54.9 per cent, on average ordinary funds. It was after setting aside £13,506 more flor depreciation at £26,440 and increasing taxation provtei"® from £346 to £23,073. Interest paid was £5090 higher at £5392. Ordinary dividend requires £lO,OOO.

Fletcher Group Earns Less

(N.Z. Press Association) AUCKLAND, November 30. In spite of an increase to group turn-over of 11.4 per cent, from £12,171,986 to £13.452,858 during the six months ended September 30, net earnings of Fletcher Holdings, Ltd, and its subsidiaries, were tower. Consolidated net profit for the six months was £303,231, a reduction of £160,404, or 34.6 per cent, compared with the first six months of 196182.

The result, subject to audit, was reached after deducting minority interests totalling £33,189.