CHCH. BUILD. SOCIETY

Press, Volume CIV, Issue 30911, 18 November 1965, Page 21

CHCH. BUILD. SOCIETY

Profit Jumps To £12,965

After a full year of operations since the merger with Invincible Building Society, net profit of Christchurch Building and Land Society rose £3521 or 37.5 per cent to £12,965 in the year to September 30.

This is £1624 more than the combined profits of the two organisations in 1963. Last year’s profit of £9444 included two months of trading since the merger. “Directors’ expectations of the merger have been more than fully realised,” says the chairman of directors (Mr A. D. Harman).

The society was operating under the provisions of the new Building Societies’ Act and expected to be one of the first societies to obtain trustee status for its deposits. Interest Payments

Interest on A and subscribing shares takes a total of £12,131 (£9352 last year) and leaves £3583 to be carried forward against £2749 brought in. Members’ total funds are £203,486 (£201,647), made up of issued capital £96,600 (unchanged), capital reserve £19,396 (unchanged), and revenue reserves £85,083 (£84,249).

Deposits for the year climbed to £414,411 from £251,108, while loans and investments were £158,324 (£73,356). Deposits and interest paid out were £370,666 (£224,067). Current assets are £8228 (£35,894), advances and investments £529,771 (£440,290) and fixed assets unchanged at £15,600. Current liabilities are £7391 (£3062) and deposits £341,222 (£285,575).