P. AND O. BANK PROFIT

Otago Daily Times, Issue 22631, 24 July 1935, Page 7

P. AND O. BANK PROFIT

INCREASE /IN DEPOSITS AND ADVANCES Profits of the P. and 0. Banking Corporation for the year to March 31 last amounted to ,£113,442, compared with £112,393 for the previous 12 months. The balance is struck, as usual, after charging directors’ fees and an appropriation to contingency account, out of which provision has been made for bad and doubtful debts. Dividend on the £2,594,100 of paidup capital is maintained at 5 per cent., less tax, and £SOOO (against nil) is written off premises. The balance for-, ward is £55,143, an increase of £2947. The results for the past three years to March 31 compare as follows; — 1933. 1934. 1935. Net profit .. £111,318 £112,393 £113,442 Brought !n .. 37,835 44,553 52,196Total .. 149,173 136,946 165,638 Off premises Dividend .. 104,620 104,750 105,496 Dividend rate 5 p.c. 5 p.c. 5 p.c. Forward .. 44,553 52,196 55,142 Current deposit and other accounts aggregate £7,109,970, an expansion of £730,731 on the year. Cash, including £530,000 (against nil) money at call, stands at £1,790,270, or £lOl,OlO less than in 1934. Advances are £413,500 higher at £3,128,407. Investments total £4,850,194, against £0,218,400, and comprise British Government securities £1,107,360 (against £3,730,700), Indian and Colonial £3,439,930 (£2,432,504) and foreign Government and other securities £248,899 (£55,203).