A.N.Z. banking group earns $15,797,000

Press, Volume CX, Issue 32461, 23 November 1970, Page 20

A.N.Z. banking group earns $15,797,000

<N.Z. Preet Aiiociation—Copyright) LONDON, November 22. The group net profit of the Australia and New Zealand Banking Group, Ltd, for the year to September 30 was $15,797,000, the directors announced in a preliminary report.

This figure, which is subject to audit, includes the profit for the year of Australia and New Zealand Bank, Ltd, and the- English, Scottish and Australian Bank, Ltd, and their respective subsidiaries. The group consolidated profit for the year shows an increase of 6.2 per cent on the profits for the previous period which in the case of the English, Scottish and American Bank, and its subsidiary companies, covered 15 months. The increase is 16.4 per cent when the figures for the period to September 30, 1969, are adjusted to give a comparison on a 12-month basis. Operating costs, particularly salaries, showed a considerable increase during the year, as anticipated, but in the event were more than offset by increased earnings.

The board has recom- > mended a final dividend for . the year of 5 per cent payable, less tax, on January 22, ■ ex dividend December 14. This makes the total divid- , end 10 per cent, which is in . accordance with the proposal outlined in the explanatory . statement sent to sharehold--1 ers last January. 1 The dividend absorbs i $6,905,000, and after the ; transfer of $8,920,000 to reF serve, $9,295,000 is carried . forward in the profit and loss 1 appropriation account.