National Bank result higher

Press, Volume CXII, Issue 33065, 4 November 1972, Page 18

National Bank result higher

(N.Z.P.A.-Reuter—Copyright! MELBOURNE, November 3. The group net profit of the National Bank of Australasia, Ltd, for the year to September 30, rose 9.9 per cent to $11,131,134. This excludes $3,472,596, representing the interest in group profit of outside stockholders of the 60 per cent-owned Custom Credit Corporation, Ltd, say the directors.

In comparing profit results for the two years, it should be noted however that the 1971 figures included the bank’s proportion of Custom Credit’s profit for a period of about 7j months only, they said.

Because of a substantial growth in deposits in the latter half of the year, returns from banking operations proved to be higher than forecast in the interim report, issued six months ago. Trading bank profit for the year was $5,879,771, an increase of 18.5 per cent. Included in those are dividends from subsidiaries; the savings bank $900,000 ($600,000); and Custom Credit, $1,191,000 ($1,073,525). Provision for tax rose by $689,326 to $5,622,794. Savings Bank profit rose 6.3 per cent to $2,050,872 and provision for tax rose $313,000 to $1,956,000.