CBA Fin. to pay more

Press, 12 February 1982, Page 7

CBA Fin. to pay more

PA Auckland CBA Finance Holdings, Ltd, is raising its interim dividend 1.5 c a share to 6c a share (12 per cent) to celebrate a gain of $399,000 or 65.6 per cent in tax-paid profit to $1,007,000 for the six months to December 31. The higher dividend, which will be paid on capital increased by the one-for-ten bonus issue in December, will be paid from tax-free reserves on March 5, ex February 19. The shares held by the Commercial Bank of Australia rank for dividend in proportion - to the amount paid on shares held by it. The latest profit of $1,007,000 compares with $608,000 for the previous cor-

responding period and was after tax of $743,000 ($206,000) for the previous corresponding period. Total assets increased from $69 million at June 30, 1981, to $lO9 million at December 31. Net finance receivables increased to $6B million at December 31, compared with $39.3 million at June 30, 1981, and debenture investments increased to $58.1 million at December 31, compared with $34.2 million at June 30. As previously reported, the group changed its balance date to September 30 to coincide with the balance date of the Bank of New South Wales. A further interim dividend, will be paid in respect of the period to June 30, and a final dividend will be paid covering the period to September 30. CBA Merchant Finance experienced good increases in both money market and trade finance activities. Total assets of CBA Merchant Finance were $36.3 million at December 31. In a statement the directors said that the period had been particularly difficult in

setting interest rates offered for debenture stock. “The company made strenuous efforts to keep interest rates in check and, although wishing to remain competitive, it has consistently avoided being a leader in increasing interest rates.”