COMMERCIAL Deposits with BNZ reach $1000m

Press, Volume CXIV, Issue 33626, 30 August 1974, Page 12

COMMERCIAL Deposits with BNZ reach $1000m

The trading and savings banks’ deposits of the Bank of New Zealand group reached SlOOO million during the year to March 31 — a milestone for the bank.

The group net profit for the year rose 27.8 per cent: to 57,389.000, the directors say. This represented a return of 11.8 per cent on' shareholders’ funds, com-, pared with 10.1 per cent last' year, they say. Loan accommodation comprising overdrafts, term loans and discounts expanded steadily during the year and in March averaged I 5577 m, an increase of sl99m compared with March, 1973. Lending to manufacturers,' retailers, the construction in- ] dustry and personal account holders increased consid-l erably in the first half of the year but, because of the decline in banking liquidity, subsequently came under in-1 creasing restraint. International operations' have continued to grow and: the overseas network of representative offices and agents has been further expanded to service the needs of the country’s growing overseas trade. In the United Kingdom: there has been a continued 1 high volume of activity j through the Bank's Londonoffices, with further ex-; pansion in the loan portfolio; in both sterling and European currencies.

Sydney and Melbourne branches have continued toj service the needs of NewZealand concerns involved in ; the increasing volume ofi Tasman trade, as well as! providing a highly personalised type of banking operation for their customers. In Fiji the bank has achieved an even closer identification with local I development and, during the year, two new’ full branches were opened at Sigatoka and; Ba. bringing the total to six. ; In its activities in the i South Pacific region, the

B.N.Z. is also an equal j shareholder with the Government of Western Samoa in the Bank of Western | Samoa and has a 20 per cent interest in the newly formed Bank cf Tonga. In concluding the report, the chairman (Mr D. 0. Whyte) says, "This has again been a major growth year for the B.N.Z. group, bringing with it a further strengthening of the group’s ; sound position and ability to i perform its leading part in , the financial sphere of our country’s development.”