Sth Pac. Fimo profit trebles

Press, 29 February 1984, Page 30

Sth Pac. Fim o profit trebles

South Pacific Merchant Finance, Ltd, the financier 70 per cent-owned by the National Bank of New Zealand, Ltd, and 30 per cent by the National Insurance Company of New Zealand, Ltd, almost trebled its taxpaid profit in the year ended October 31. The annual report shows that after-tax profit jumped from $1.3 million to $3.6 million; the return on average shareholder’s funds rose from 29.3 per cent to 42.1 per cent.. The company re-invested in the business $1 for every dollar of the $3,200,000 capital.

Other highlights in a bumper year were: © The merger of operations with Chase NBA New Zealand Group, Ltd, on December 9, 1982. 9 Foreign exchange dealing began on September 1 after the Reserve Bank issued a licence to the company. @ The establishment of Equus Holdings, Ltd, in which South Pacific Merchant Finance has a shareholding, and management responsibility. © An increase in capital of $1.2 million, and an increase in shareholders’ funds from $4,952,000 to $11,943,000. © Total assets grew from $BB million to $250 million. © Staff numbers increased from 43 to 67 at balance date. © Full computerisation of money market and accounting records achieved during the year.