Beneficial Fin. doubles size
PA Wellington Beneficial Finance. Ltd. a subsidiary of Beneficial Corporation of the United States, increased net profit from $312,000 to $509,000 in the year ended December 31. Describing the year as the most successful to date, the chairman (Mr R. G. Matthews) said that despite Government intervention in both deposit taking and lending, the company was able to achieve significant growth. Mr Mathews said the receivables portfolio con-
tinues to comprise predominantly advances secured to registered mortgage on residential properties. The number of loans during the year increased from 1900 to 2400, with the total value up from $9,283,183 to $17,550,947 and the average loan balance from $4885 to $7312. During the year deposits received and other borrowings increased from $5.2M to $13.9M, and with a capital injection of $BOO,OOO from the parent company, fully-paid capital is now SSM. ITEM 4081
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Press, 2 June 1982, Page 26
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145Beneficial Fin. doubles size Press, 2 June 1982, Page 26
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