INCREASED PROFITS

Evening Post, Issue 28, 1 August 1936, Page 11

INCREASED PROFITS

COMMERCIAL BANK'S YEAR

The , seventieth report and balancesheet of the Commercial Bank o£ Australia, Ltd., for the year ended June 30, 1936, sjiows -that the net • profits, £234,480, show an increase of £6022 compared with the-year ended June 30, 1935. The, bank has made an appropriation of £25,000 in . reduction of bank premises as against £20,000 last year.: Interim dividends have beeti paid: in February, 1936, at-the rate of 4 per cent, on the preference shares and 5 per cent, on the ordinary shares, while it is proposed to distribute halfyearly dividends this month at' the rate of 4 per cent, on preference shares and 6 2-3 per cent, on ordinary shares and carry forward a balance of £98,929 14s 7d, compared with £90,809 15s 4d for last year.

The aggregate assets and liabilities compared with the previous year show an increase of £1,045,110, which is contributed to by an increase)in deposits of £1,013,132, an increase in advances of £111,149, and an increase of £1,002,867 in assets comprising coin, Commonwealth Treasury bills, Government stocks, etc. The cash items, £10,370,658, represent 80 per cent, of the call liabilities of the bank and 38 per cent, to liabilities comprising total deposits, notes in circulation, bills payable, and balances due to other banks.

The amount carried forward from last year and added to the net profit was £90,809 15s 4d. The interim dividends accounted for £42,347 for the preference shares and £.50.000 for the ordinary shares. The dividends which it is proposed to distribute this month will require £42,347 for the preference shares and £66,666 13s 4d for the ordinary shares.

The retiring directors, Messrs. A. W. Palfreymanand W. H. Swan ton, offer themselves for re-election.