Bonus Dividend By Bank Of N.S.W.

Press, Volume CVI, Issue 31316, 11 March 1967, Page 18

Bonus Dividend By Bank Of N.S.W.

(N.Z. Press Association—Copyright)

SYDNEY, March 10.

To mark the bank’s one hundred and fiftieth anniversary, the board of the Bank of New South Wales today declared a special bonus dividend of 4 per cent. The Board also declared an an unchanged interim dividend of 5 per cent.

The president of the bank (Mr J. Cadwallader) announced that the estimated results for the half-year to March 31 indicated a favourable trend in profits.

This he said, was largely because of a higher level of advances and of circumstances which permitted freer use of the bank’s resources.

Although higher earnings have been substantially offset by increases in salaries and other costs, indications at this stage are that results for the

full year to September 30 will show an improvement on last year.

Interim Reports The directors also say that they propose to issue brief half-yearly interim reports to coincide with the interim dividend announcement, usually made in April or May. These dividends will be paid simultaneously on April 28, ex March 29. Profit Recovery Last year, the Bank of New South Wales made a partial profit recovery of 365,702 dollars, or 4.4 per cent, to 8,749,289 dollars. The year before the group profit slipped 395,902 dollars to 8,383,586 dollars. The steady 10 per cent dividend required 4,829,000 dollars. The rate on average capital fell from 19.1 to 18.1 per cent.