NZI Securities profit 22 per cent up

Press, 3 June 1981, Page 25

NZI Securities profit 22 per cent up

PA Auckland NZI Securities, Ltd, the banking and corporate services arm of NZI Financial Corporation, Ltd, increased trading profit 22 per cent to $855,962 in. the. March year. Assets were 14 per cent higher at $66,052,379, and unsecured deposits up 34.4 per cent at $26,803,569. The tax provision, at $622,664. rose $131,543. There was an extraordinary item of $282,428 representing losses on forward exchange contracts after a tax credit of $231,078. A note to the audited accounts says that all forward exchange contracts outstanding at balance date have now been closed and where losses

have been incurred these have been included? 7 The ■ tax-paid earnings of $573,534 after the extraordinary item represent a return of 20.5’per cent on shareholders’ funds that were $698,534 higher at $2,797,581. The general manager (Mr M. J. Wells) says that the year saw a substantial, increase in the flow of business between NZI Securities and its 24.5 per cent minority shareholder, the Hong Kong and Shanghai Banking Group. He adds: '’This strong banking link with operators in more than 40 countries will assume even greater importance in the coming vears for the company’ and its international financing activities.”