DECLINE IN BANK PROFITS

Evening Post, Volume CV, Issue 9, 11 January 1923, Page 7

DECLINE IN BANK PROFITS

EFFECTS OF TEADE DEPRESSION.

(UNITED PRESS ASSOCIATION.—COPTItIdHT.)

(AUSTRALIAN • NEW ZEALAND CABLE ASSOCIATION.)

(Received 11th January 9.30 a.m.)

LONDON, 10th January.

The profits of the group of five big English banks have dropped £1,500,000 for the year 1922, as compared with 1921; and £4,500,000 as compared with 1920; but the 1921 dividends were paid, despite the decline in profits, and the total distributed to stockholders was £7,427,000.

The group of five banks above referred to includes Barclay's, Lloyd's, London Joint City and Midland, London County and Westminster and Parrs, and National Provincial and Union of England. Their combined subscribed capital as at 31st December, 192,1, amounted to roundly, £202,000,000. Their undivided profits at 31st December, 1921, totalled £4,834,531 —excepting those of Barclay's, which are not disclosed. The fall in the banks' profits for 1922 was only to be expected, considering the depressed condition of British trade, and the comparison with 1920, when trade was booming would make the loss for 1922 seem all the greater. The profits in any case would, in part, be derived from investments held by the banks, as well as the returns from their ordinary banking business. The investments of the five banks named as at 31st December, 1921, were as follow ;— £ British Government ; .565,902,965 Other investments „, 43,820,702 Total £309,728,667