BANK OF N.S.W.

Press, Volume CVI, Issue 31226, 25 November 1966, Page 17

BANK OF N.S.W.

Part Profit Recovery

(N Z. Press Assn —Copyright) SYDNEY, Nov. 24.

The Bank of New South Wales, Ltd., Sydney, made a partial profit recovery of 365,702 dollars, or 4.4 per cent, to 8,749,289 dollars in the year to September 30, the accounts show.

The year before the group; profit slipped 395,902 dollars : to 8,383,586 dollars. As announced, the steady total dividend of 10 per cent requires 439,000 dollars more at 4,829,000 dollars because of the one-for-five cash issue. Deposits increased 7.6 per cent in the year to a record 2,340,000 dollars, say directors. Share Holding Since last year, the Bank increased its shareholding in Australian Guarantee Corporation, Ltd., and now hplds 42.93 per cent of the capital. Both the trading bank and savings bank in New Zealand again traded satisfactorily, directors say, in spite of intensifying restrictions on lending to the private sector. The latest profit represents an earning rate on average shareholders’ funds of 9.1 per cent, against 9.7 per cent the year before. The rate on average capital is down from 19.1 to 18.1 per cent. Provision for tax is 311,560 dollars lower at 8,315,844 dollars.