Merchant bank does well
PA Auckland South Pacific Merchant Finance, Ltd., jointly-owned by the National Bank (70 per cent) and South British Insurance (30 per cent) boosted net tax-paid profit 75.3 per cent to $618,612 in the year ended October 31. The result was after providing $49,345 more for deferred tax at $223,355. Total shareholders’ funds at balance date were up $369,012 at $3,200,255 and total investments and securities were $8,768,701 greater at $40,989,466. The chairman (Sir Gordon Robb) says that the money
market division made a very good contribution to profit. The planned expansion of the international division continued and its level of activity increased sharply. The resources of the corporate services division were fully committed throughout the year and the portfolio management division increased its level of activity and profit contribution. During the year the National Bank of New Zealand acquired the 1.5 per cent shareholding of Customhouse Holdings, and investment company of R. A. Jarden and Co. The move increased the bank’s shareholding to 70 per cent.
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Press, 28 February 1981, Page 19
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170Merchant bank does well Press, 28 February 1981, Page 19
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