TARANAKI BANK

Press, Volume CV, Issue 31061, 17 May 1966, Page 12

TARANAKI BANK

Higher Net Profit (N.Z. Press Association) NEW PLYMOUTH, May 16. Net profit of the Taranaki Savings Bank for the vear ended March 31, 1966, before providing for taxation, was £109,509, an increase of £1595 on the previous year. All loans were on first mortgage. The loans totalled £3,797,718, an increase of £233,215. During the year £698,265 was advanced on new mortgages. Repayments were £490,855, the reserve fund stood at £539,196, an increase of £55,373 over the total of £483,823 at March 31 last year. Mr Macallan said that however necessary restriction aimed at checking inflation in the New Zealand economy might be, they made it more difficult for the bank to provide all the finance borrowers required. Donations Donations from the year’s nrofits to organisations in Taranaki amounted to £6730. This was stated by the president of the bank's board of trustees (Mr G. Macallan) at the board’s annual meeting today. Mr Macallan said in his report that this result was achieved despite considerably increased expenditure due to the bank’s recent rapid expansion. The amount to the credit of the 46,116 depositors was £10,227,858, an increase of £924,716 (including interest of £300,194).