Commercial Record growth for Lombard N.Z.

Press, 1 June 1977, Page 18

Commercial Record growth for Lombard N.Z.

PA Wellington, Lombard New Zealand, Ltd. financier, increased au-‘ dited net profit before tax' 36.1 per cent to §430,000 in the six months to March 31, compared with the previous corresponding half-year. The abandonment in March, 1976, of the Interest on Deposit Regulations brought about more competition for available funds which resulted in an increase in interest rates paid to depositors, the chairman (Mr A. L. McLean) says. Lombard had not only managed to attract increased deposits to a satisfactory level, but it had maintained Business personal Williamson Jeffery, Ltd, reports the appointment .of I two new members of the board, Mr G. R. Lawn, of Christchurch, and Mr R. A. , Sebelin, of Auckland. Mr i Lawn is managing director of Haywrights, Ltd, and a ; director of Challenge Cor(poration, Ltd. Mr Sebelin is k managing director of Fabc,o B Industries, Ltd. and a direc- ■ tor of several associated ■ companies. Yesterday's supplied report contained errors ■ relating to the appointment of Mr Sebelin. ! Steel Tube dates The Steel and Tube ComI pany of New Zealand. Ltd, ;■ ordinary shares will be ex ■ dividend and ex bonus on V I August 28. Bonus scrip will F be mailed early in Septem- ! ber.

a steady growth in profit, he. says. “There has been a wel-; 'come increase in new busiIness activity during the half'year under review. i “As a result of the steady •increase in deposits we were iable to achieve the highest i level of new business inj vestment for a six-monthly (period in the history of the i company. f “Despite the current cliimate of tight monetary conditions the company is approaching the second-half of (the financial year with confidence.” says Mr McLean.

Lombard N.Z. is a subsidiary of Lombard North ( Central, Ltd, London, ai member of the National' .Westminster Bank Group. Only the debentures of the, New Zealand finance company are listed on New. Zealand stock exchanges.