Nat Bank 72 p.c. lift

Press, 17 March 1987, Page 41

Nat Bank 72 p.c. lift

PA Wellington The National Bank of New Zealand, Ltd, yesterday reported an after-tax profit of $7B million for the year ended December 31, 72 per cent up on 1985.

The bank’s chief executive, Mr Jim Macaulay, said the group’s profit before taxation in 1986 was $147 million and total assets rose to $7.7 billion from the previous year’s $6.4 billion. Mr Macaulay said busi-

ness activity last year was faster than many had expected and a rapid rate of change had created financing and other opportunities in New Zealand for National.

He said the trading bank operations had again performed strongly, while the group’s 70 per centowned merchant bank, South Pacific Merchant Finance, Ltd, increased its after-tax profit from $8.5 million in 1985, to $l5 million. General Finance, Ltd,

now a wholly-owned subsidiary, showed a return to profit of $4 million, after recording a loss in 1985.

Mr Macaulay said the group’s results included for the first time a full year’s profit from the bank’s Australian subsidiary, Lloyds Bank NZA, Ltd. Market conditions had been difficult in Australia during 1986 but the company achieved a pre-tax profit of $ll million.