$124,000 Decrease In Bank’s Net Profit
(New Zealand Press Association) WELLINGTON, September 9. The Bank of New Zealand's net profit dropped by $124,000 for the financial year ended March 31, the bank’s directors said in thejr annual report to Parliament.
The net after-tax profit for the year was $1,851,887, compared with $1,976,190 last year and $2,042,010 in 1966. The report said the ordinary dividend of 12} per cent (unchanged) and dividends on preference and long-term mortgage shares required $1,429.688—a sum which was paid to the Government as sole proprietor of the bank.
After the transfer of $500,000 ($600,000 last year) to the Reserve Fund a balance of $802,929 was carried forward as against $880,730 brought in. The Reserve Fund now totals sl2m and the bank's paid capital is $12,656,250. The bank's savings banks, now in their third full year, again made substantial progress, with an increase in deposits of $19.9m to a total of 587.6 m. More than 85 per cent of the funds deposited are invested in Government securities in accordance with official requirements and a substantial amount has been lent to local authorities.
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Press, Volume CVIII, Issue 31780, 10 September 1968, Page 6
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185$124,000 Decrease In Bank’s Net Profit Press, Volume CVIII, Issue 31780, 10 September 1968, Page 6
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