A.N.Z. profit fall 13.4 p.c.

Press, Volume CXI, Issue 32779, 2 December 1971, Page 11

A.N.Z. profit fall 13.4 p.c.

<N.Z. Press Association) WELLINGTON, Dec. 1. The net profit of the Australia and New Zealand Banking Group, Ltd, for the year to September 30, fell s2.lm or 13.4 per cent to $13.7m. Increases in profits were shown by the major subsidiaries, A.N.Z. Savings Bank, Ltd, and Esanda, Ltd, but there was a sharp reduction in the profit of the trading bank, mainly because of increases in salary rates, other higher operating costs, and narrower interest margins.

Certain direct costs arising from the recent merger were met from contingencies reserves, and thus had no influence on the results for the year. But there were substantial indirect costs associated with the merger which had a marked impact on the year’s results, toe group said.

Russian pulp deal

Japan and toe Soviet Union are expected to sign an agreement next week on toe joint development of forestry resources in Siberia, toe Japan Paper and Pulp Association announced. Final negotiations are under way in Tokyo between the Japanese paper and pulp industry and Mr Balerian Akkuratov, president of the Soviet Timber Product Export and Import Corporation. The barter agreement involves goods worth $45 million.