£4m Deposits In Savings Bank

Press, Volume CIII, Issue 30453, 29 May 1964, Page 12

£4m Deposits In Savings Bank

Deposits held by the Canterbury Savings Bank were £4,287,347 in the first full year of operation to March 31 —an increase of £2,677,544 during the year.

Net profit rose to £11,874 compared with £1630 in the bank's first eight months to March 31, 1963. Depreciation, less adjustment for 1963 of £lB5, was £4176 (£1973 last year) and taxation £11,160 (£525). “Many opportunities have been taken to extend the services and area of operation of our bank during the year and the achievement of the second largest increase in depositors’ funds of all the trustee savings banks of New Zealand is proof of the popularity and regard for Canterbury’s own bank,” the president (Mr W. G. V. Fernie) states in his report. “The bank now has 15,846 depositors—an increase of 9615 for the year. “It opened a mortgage de-

partment during the year and advances totalling £620,350 have been made on homes, | farms, churches, clubs and commercial enterprises. “From the net profit the bank has provided £2OOO for donations and the balance of £9874 has been transferred to the reserve fund which now stands at £45,997. “The balance sheet shows that depositors’ balances are made up as follows: “Savings bank, £2,731,058; thrift clubs, £202,602: investment accounts, £1,353,687; interest accrued, £27,081. “Investments during the year rose from £1,098,063 to £2,677,937 with £1,943,232 in Government stock, £60,000 in local body debentures, £614,705 in first mortgages and £60,000 in short-term deposits. “In addition, investment account securities totalled £1,380,768. “The bank’s land, buildings and equipment are valued in the books at £99,171.

“It is gratifying to report that at March 31, our branches had depositors’ funds of £186,043 and £194,583 respectively,” said Mr Fernie.