C.S.B. funds more than $127.8M

Press, 24 May 1977, Page 2

C.S.B. funds more than $127.8M

Depositors’ funds for the last year in the Canterbury' Savings Bank totalled $127,804,509 — an increase of more than $14.5M, the president (Mr J. Mathison) ■, said in his annual report yesterday. Interest paid, credited and accrued to depositors for the year was $4,275,785 and taxation absorbed was $515,120. The next profit for the last year was $571,533. Mr Mathison said that the bank’s reserves now totalled $2,895,604, an increase of just over $500,000. Mortgage advances were $14,262,810 and mortgage repayments totalled

$6,962,850. The bank now had $55,495,540 invested on mortgage, he said. Government stock holdings increased by more than S6M to $59,463,000 and local authority investments now totalled $7,207,540, Mr Mathison said in his report. Community grants by the C.S.B. in the last year increased by one-third to a total of $60,000, said Mr Mathison. “Because there are no shareholders, the maximum possible dividend from the profits must be returned to the community which supports the bank,” he said. This year’s allocation to various community projects would be announced in June or July.

The $60,000 grant—-a record amount —would bring the total returned by the C.S.B. to the community in the last 15 years to $342,000, he said. Last year, special regional grants totalling $5OOO were made to the Canterbury faculty of the College of General Practitioners, the Neurological Foundation, and the Outward Bound Trust. In Canterbury, the bank’s grants totalled $32,700, including $4OOO to the Ferrymead Trust development project and $6lOO to special educational projects for schools. In Marlborough, grants totalled $3OOO, and in Nelson, grants totalled $4300, said Mr Mathison.