Bank N.S.W. Lifts Earnings 22.3%

Press, Volume CVII, Issue 31539, 29 November 1967, Page 20

Bank N.S.W. Lifts Earnings 22.3%

The Bank of New South Wales, Sydney, increased its profit for the group by $1,942,330, or 22.3 per cent, to a record $10,691,619 in the year to September 30, the annual accounts show.

As announced, the dividend has been maintained at 10 per cent. However, a 4 per cent bonus dividend was paid during the year to mark the 150th anniversary of the bank, and this has swelled the dividend payout by $2,546,200 to $7,375,200. This is covered 1.4 times by profit. The earning rate on average shareholders’ funds improves from 9.1 to 10.1 per cent while the rate on capital is up from 16.6 to 20.3 per cent Deposits Rise 8.1 p.c.

Deposits with the bank rose by sl9om, or 8.1 per cent, to $2530m while advances rose sll2m, or 11.0 per cent, to $1127m. Trading bank customers’ deposits rose s97m. The bank’s proportion of the major trading bank system’s deposits in

Australia rose from 23.8 per cent in September, 1966, to 24.2 per cent in September of this year. Savings Bank The savings bank deposits rose slolm and totalled sB3lm. The Australian deposits which rose s92m to s7Botn represented 13 per cent of all savings bank deposits in Australia. Shareholders’ funds of the group rose by $6,762,281 to $110,346,908. Capital, all ordinary, is unehanged at $52,680,000.