COMMERCIAL A.N.Z. Bank did well last year

Press, Volume CXV, Issue 33803, 27 March 1975, Page 26

COMMERCIAL A.N.Z. Bank did well last year

(.Vew Zealand Press Association) WELLINGTON. The Australia and New Zealand Banking Group. Ltd. increased net profit in New Zealand 38.9 per cent to 50,160,000 in the year to September 10 compared with the previous year.

A.N.Z. Banking Group. Ltd, increased profit 50.4 per cent to 54.315.000, and A.N.Z. Savings Bank (N.Z.). Ltd, 15.7 per cent to $619,000. But the profit of A.N.Z. Holdings, Ltd. fell 35.9 per cent to $143,000. Income not dealt with in the accounts was $6OOO lower at $83,000. The bank s New Zealand general manager (Mr K. R. Porter) said that the result reflected increased lending,

and general progress achieved! during the year, but increased costs, and a new salary, structure negotiated in September. together with the effects of equal pay, would affect the position this year. Mr Porter said that the strong growth in deposits since 1972 had tapered off during 1974 with the change in the balance of payments position, and there had been a heavy demand for loans. At September 30. 1974. deposits were $477m (1973 S46lm). The increase in deposits for the year was sl6m comnared with am increase of Sl36m for the year to September 30, 1973. Lending was $375m at September 30, 1974 (1973 $259m), i or sll6m higher than the previous year when loans in- ‘ cresaed SB9m.

In November the bank announced a consolidated world

wide profit of $N T Z22.7m (1973 522.4 m). Capital was increased during the year, and) the dividend distribution, in-■ eluding the associated United Kingdom tax credit, was ! equivalent to 13.57 per cent on the higher capital com-; pared with 10.5 per cent for; the previous year.