AUCKLAND BUILDING

Press, Volume CX, Issue 32352, 18 July 1970, Page 19

AUCKLAND BUILDING

Profit Rise Of 30 Per Cent (N.Z. Press Association) AUCKLAND, July 16. The Auckland Building Society has reported a record year with net profits rising by $312,367, or 30 per cent, to $1,343,522, and total annual receipts increasing by $1,787,281, or 13.7 per cent to $14,734,435. The chairman (Mr R. D. Cox) said in the directors’ report that the unprecedented level of receipts included members’ contractual savings by way of subscriptions, amounting to $5,827,938 and new deposits of $1,699,194. Payments to members amounted to $2,666,948. The deposit for home ownership finance had continued said Mr Cox. The society’s increased resources had enabled it to keep pace with an exceptional flow of new applications. Total advances rose by $1,192,543, and 1461 members assisted received $8,995,532. During the year $2,996,800 was made available by way of interest-free ballot loans and members selling their rights received tax-free payments of $622,810. The Society had decided to use the facilities of Databanks Systems, Ltd. The completion of conversion to computers late in 1971 would be another first for the society. Its results this year showed rises of 15.3 per cent in mortgage advances, 17.5 per cent in total assets, and 17.8 per cent in balances of mortgages.