United plans own card
The United Building Society would launch its own Visa card next year, said the chairman, Mr H. F. Redmond, in the society’s annual report
The card would have a number of unique and competitive features compared to other Visa cards. United would also be entering the personal financial planning market. These services were the most rapidly growing sector of the financial market overseas, he said.
There was considerable scope for developing these services in New Zealand’s deregulated market and the society aimed to be a prime
The total net surplus more than quadrupled from $4,386,000 to $18,186,000 In the year to September 30. Included in the result were extraordinary investment profits of $6,425,000 ($1,228,000 loss previously), equity profits of $BO,OOO ($41,000 loss), and an unrealised decrease in investment properties values of $623,000 (nil). Taxation took $4,472,000 (nil). Income jumped 52.7 per cent to $160.2 million, and cost of funds were ahead 48.2 per cent to 5116.5 M.
Total assets rose 40.4 per cent to $1036.1M.
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Press, 24 February 1987, Page 25
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169United plans own card Press, 24 February 1987, Page 25
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