QUEENSLAND NATIONAL BANK

Sun (Auckland), Volume II, Issue 419, 30 July 1928, Page 12

QUEENSLAND NATIONAL BANK

NET PROFIT OF £201,959 A net profit of £201,959 is shown in the annual report of the Queensland National Bank for the year ended June 30, 1928. This is arrived at after writing £IO,OOO off premises, compared with £12,500 in each of the preceding three years. Growth in earnings last year was below expectations, considering that capital was increased by £250,000. The whole of this additional money, however, was available only during - the latter half of the year. Drought in Queensland affected earning - capacity. The amount transferred to reserve fund, £35,000, is £5,000 less than in 1926-27. Dividend at the usual rate of 10 per cent, per annum, paid quarterly, requires £172,139 on the enlarged capital. Following is a comparison of the bank's results for the last three years:— 1926. 1927. 1928.

On July 1, 1927. the bank issued 50,000 shares of £5 each at par to shareholders, in the proportion of one to six held, and the balance sheet shows an increase in the capital from £1,500,000 to £1,749,955. With the present addition, the reserve fund is £785,000. The liabilities include £3,091,669 of 3£ per cent, interminable stock. Deposits with the bank amounted to £9,026,995, an increase during the year of £452,819, while advances at £10,229,156 show an increase of only £90,524.

Brought forward Net profit .. . . £15,950 194,676 £11,649 192,202 £13,851 201,959 210,626 203,851 215,810 To Reserve. .. Dividend, 10 p.c. 50,000 14S.977 40,000 150,000 35,000 172,139 £11,649 £13.851 £8,672