Bancorp lifts half 64 p.c.

Press, 11 October 1988, Page 26

Bancorp lifts half 64 p.c.

PA Wellington Auckland-based merchant banker, Bancorp Holdings, has reported an after-tax profit of $2,859,000 for the six months ended September 30. The result represents an increase of 64 per cent over the $1,736,000 profit made in the previous corresponding period. Earnings per share for the six months were 8.4 c, representing an annualised return of 28.2 per cent on average shareholders’ funds. The directors declared an interim unfranked dividend of 3c a share to be paid on November 18. The result was achieved on turnover of $11,978 million, compared with $8,587 million in the corresponding six months in 1987. Profit before tax was $3,195 million ($2,212 million) and tax of $336,000 ($476,000) was paid. The chairman, Mr John Wells, said the group’s corporate finance, treasury and capital markets divisions had made a major contribution to the result. The company’s current asset base was $108.9 million, compared with $133.5 million at March 31, he said. Its gearing, or ratio of liabilities to equity, was 3.9:1, which was conservative by banking standards.

Substantial progress had been made in developing transtasman links, Mr Wells said. He expected the company to do more work overseas for both Australian and New Zealand clients in the future.