A.N.Z. Banking Group accounts filed

Press, Volume CXII, Issue 32880, 1 April 1972, Page 19

A.N.Z. Banking Group accounts filed

(New Zealand frets Association) WELLINGTON, March 30. The Australia and New Zealand Banking Group, has filed its financial result in New Zealand and those of its two principal subsidiaries, as required by the overseas companies legislation.

The accounts for the year to September 30 showed a net profit of the trading bank, Australia and New Zealand Banking Group, of $177,000. The net profit of A.N.Z. Holdings, Ltd, was $275,000, and that for A.N.Z. Savings Bank (New Zealand), Ltd, was $316,000. Income not dealt with in the accounts of A.N.Z. Holdings was $113,000 before taxation. Total shareholder’s funds employed in New Zealand were $ 16.2 m, and the combined profit of the group represents a return of about 5 per cent. The principal balance-sheet items for the trading bank were deposits $234m, liquid assets and cash sssm, loans sl66m, and loans to subsidi-

•laries, $8,882,000. The last 11 item includes a loan to ;! A.N.Z Holdings, which owns ■■the bank’s properties in New ■ Zealand, for which the book ’ value was $6.6m. ; The accounts of A.N.Z. . Holdings include investments , in A.N.Z. Savings Bank, Databank Systems, Ltd, Development Finance Corporation of New Zealand, and Endeavour Investments (New

Zealand), Ltd, which is the holding company for the group’s finance associate, U.D.C. Group Holdings, Ltd. The accounts of A.N.Z. Savings Bank showed deposits sB6m, investments s7Bm, and loans of sllm.

The chief manager for New Zealand of A.N.Z. Banking Group (Mr T. M. Williamson) said that the local t .ading bank result had been affected by narrowing interest margins between deposits and loans, and, in common with most other organisations, costs had risen substantially, particularly for the major item of salaries, which attracted payroll tax. The accounts for the worldwide activities of the group, which were released in January, showed capital and reserves of $137.9m. The group profit was $13.6m. A dividend of 10 per cent absorbed $6.9m.