Bank of Adelaide profit rises 7.4%

Press, Volume CXIV, Issue 33687, 9 November 1974, Page 20

Bank of Adelaide profit rises 7.4%

The Bank of Adelaide, Ltd, group net profit increased 7.4 per cent to $7,154,298 in the year to September 30, the directors announced in a preliminary report.

! The result includes the; (profit of Fnance Corporation! I of Australia, Ltd (to June: 30). The net profit of the trad-; ling bank rose 13.2 per cent! to $4,555,094; included in ‘this figure are dividends reIceived from the whoily- ; owned subsidiaries: F.C.A. (and the bank’s savings bank. • The dividend from F.C.A. I was 12.5 per cent higher at $3,825,000, and the dividend from the Bank of Adelaide Savings Bank was

at $225,000. i( The net profit of the sav-i dings bank rose 15.6 per cent! (to $543,953. • ( Historically high interest I costs were incurred during .(the last six months of the • bank’s financial year, which also saw a net decline in . total Australian trading bank . deposits, the directors said. The higher level of inter- : est costs throughout this I period, combined with es'.a-; ; lating salary and other oper-; ; ating costs over the full; year, has reduced profitability( lin the trading bank sector, (they say. The dividend for the year (will be 13 per cent, with a ifinal dividend of 61 per cent (payable on December 12, ex (dividend November 18.