Esanda profit up
NZPA Melbourne Esanda. Ltd. and Finance Corp, of Australia, Ltd, (F.C.A.), finance subsidiaries of the ANZ Banking Group, Ltd, have announced substantial profit lifts for the six months to March 31. Esanda's profit increased 16.1 per cent to ?Austl7.4 million on net receivables 17.5 per cent higher at $1804.3 million. The strong competition for funds resulted in further in-
creases in borrowing rates and despite lending rates moving higher, the over all margin between interest earned and interest paid dropped, the directors said. F.C.A., which became a subsidiary in 1979 when the ANZ took over the Bank of Adelaide, reported an 80 per cent profit increase to $6.1 million. The balance sheet investment in development ven-
tures was reduced 21.4 per cent to $11.4 million. Real estate investment difficulties were the cause of losses which resulted in the takeover of the Bank of Adelaide. Development ventures contributed $1.6 million to the profit, the directors said. Net outstandings increased 12 per cent to $360 million. Bad debts totalled $311,000. down from $621,000 in the previous period.
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Press, 6 May 1981, Page 30
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178Esanda profit up Press, 6 May 1981, Page 30
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