BANK OF N.Z

Nelson Evening Mail, Volume 77, 13 June 1942, Page 5

BANK OF N.Z

NET PROFIT REDUCED Wellington, June 12. The directors of the Bank of New Zealand report for the year ended 31st March, 1942, a net profit of £426,746 8s 6d, compared with £461.909 for 1941 and £580,926 for 1940. The net profit is arrived at after providing for expenses of management, for all bad and doubtful debts and other contingencies, and making provision for the annual oonations to the Provident Fund. The balance brought forward from last year is £392,500 8s 3d. Dividends amounting to £231.210 18s 9d having been paid (compared with £293.359 for 1941), £588,035 18s is available for distribution. This the directors propose should be disposed of as follows: —

Dividend on C long-term mortgage share at 6 per cent, per annum, £7031 ss, which is reduced by Id for every 8d or part thereof for social security and national security taxes by £B7B 18s 2d to £6152 6s lOd, dividend on D long-term mortgages shares at 7i per cent., per annum, £17,578 2s 6d, also reduced by Id for every 8d or part thereof for security taxes by £2197 5s 4d to £15,380 17s 2d: dividend on preference B shares (making £53,125 for the year), £29,687 10s; dividend at rate of per cent, on ordinary shares (making £281,250 for the year, equal to TJ per cent.), £140.625; leaving balance to be carried forward, £396,190 4s; in all, £588,035 18s. Dividends to be paid in New Zealand currency.—P.A.