Page 8 Advertisements Column 3

Press, Volume CVI, Issue 31269, 16 January 1967, Page 8

LLOYDS BANK Announces Profit and Dividend The Directors of Lloyds Bonk Ltd., which owns the issued capital of The National Bank of New Zealand Limited, have issued the following announcement: The Directors of Lloyds Bank Limited announce that, after providing for taxation on the profits of the year and after making transfers to the credit of contingency accounts, out of which accounts full provision has been made for any diminution in value of assets, the profit brought in is £10,213,869. To this has been added £1,994,722 brought forward from the previous year, making a total of £12,208,591 available for distribution. OUT OF THIS TOTAL THE FOLLOWING APPROPRIATIONS HAVE BEEN MADE; First and Second interim dividends each of 2i% actual (6d. per shore) absorbing £2,939,614 General Reserve £2,500,000 From the balance remaining, £6,768,977, the Directors recommend that a final dividend be paid for the yeor ended December 31st ,1966, of 61% actual (1/3 3/sd. per share) absorbing £4,217,396 leaving to be carried forward to the Profit ond Loss Account of the current year the sum of £2,551.581. COMPARATIVE STATEMENT 1966 . ’ 965 . ”65 1964 Adjusted See Notes Profit £10,213,869 £10,329,390 £7,423,144 £5 757 913 Brought Forward .. 1,994,722 1,210,776 1,210,776 947’343 £12,208,591 £11,540,166 £8,633,920 £6,705,256 Gross dividends .. £ 7,461,546 £ 7,045,444 £7,045,444 £5,781,859 Less Income Tax .. deducted & retained 304,536 2,906,246 2,240,470 £ 7,157,010 £ 7,045,444 £4,139,198 £3,541,389 General Reserve .. 2,500,000 2,500,000 2,500,000 1,953,091 Carried Forward .. 2,551,581 1,994,722 1,994,722 1,210,776 £12,208,591 £11,540,166 £8,633,920 £6,705,256 NOTES: (1) Trading profits have fallen os a result of continuing lending restrictions and increased costs but higher published profits are shown following changes in taxation introduced by the Finance Act 1965, as explained In Note (2). (2) With the exception of the amount of £304,536 deducted from the first interim dividend jxiid on April Ist, 1966, the income tax deducted from the 1966 dividends must be paid to the Inland Revenue, whereas in 1965 the amount deducted was retained and the resulting saving was included in the transfer to contingency accounts. Had the 1965 dividends cost their gross amount the transfer to contingency accounts would have been reduced and the disclosed profit increased by the amount of income tax deducted. To assist the comparison between 1965 and 1966 a separate column is shown above in which adjustments have been made to increase both the amounts of profit and dividend for 1965 by £2,906,246 being the amount of income tax deducted from dividends paid in that year. NATIONAL BANK PROFIT The last annual accounts of The National Bank of New Zealand Limited were mode up to March 31st, 1966. Audited results for the period from April Ist to October sth, 1966, show a consolidated profit of £294,474 (£571,129 for the yeor ended March 31st, 1966) after tax and after making appropriations to Contingency Accounts. The next published accounts will be for the period April Ist, 1966 to October 31st, 1967, in order to bring the end of the financial year of The National Bank of New Zealand more closely into line with that of Lloyds Bank. Thereafter accounts will be published annually as at October 31 st.

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