Chch Mutual had record year

Press, Volume CXII, Issue 33068, 8 November 1972, Page 24

Chch Mutual had record year

The Christchurch Mutual Building Society advanced a record §1,116,877 on first mortgage in the year to September 30, the chairman (Mr C. H. Perkins) says in the annual report.

i While the society had considerable success in - raising funds, it was unable to satisfy the demand for its loans, Mr Perkins says. Assets rose by $625,496, or 15.0 per cent, to about s4.Bm in the year. The net profit rose by $16,955, or 14.6 per cent, to $132,700. Income was $51,651 or 20.5 per cent higher at $303,104, but expenditure rose $34,696 or 25.6 per cent to $170,404. Interest paid on deposits increased by $27,664, salaries and superannuation required $2649 more, and other admin-

istration expenses were $3381 higher. Interest earned was $50,788 or 20.7 per cent higher at $296,424. The annual dividend on “A” shares was maintained at 8 per cent. It requires $60,317 and was covered 2.2 times by the surplus. Shareholders’ funds were increased by $256,808 to $1,752,030.

The earning rate on average shareholders’ funds was 8.2 per cent. The “A” shares last sold at 110 c; on that basis they have a dividend yield of about 7.3 per cent.