NATIONAL BANK OF N.Z.

Wanganui Chronicle, Volume 75, Issue 151, 29 June 1932, Page 9

NATIONAL BANK OF N.Z.

NET PROFIT £30,000 DOWN. DIVIDEND, 7 PER CENT. Cabled advice has been received from London by the general manager of the National Bank of New Zealand Ltd. that the net profit for the year ended March 31 last, after providing for bad and doubtful debts, amounted to £177,836, which, with the £168,457 brought forward from the previous year, leaves available for distribution £346,293. This it is proposed to allocate as follows: In payment of a dividend at the rate of 7 per cent, per annum, free of tax, £14(1,060; to pension and gratuity funds, £14,000; to exchange contingent account, £50,000; balance tu be carried forward, £142,293. The final dividend at the rate of 6 per cent, per r rn’m for the half-year ended March making- 7 per cent, for the year, will be payable in New Zealand, free of tax. on July 16 at the current rate of exchange for demand drafts on London. The net profit and appropriations of the National Bank of New Zealand for the last three years compare as follow:

ward .. ..174,171 168,457 142,203 For the 12 months ended March .">l. 1929, the net profit amounted to £290,582, the dividends for that year, at. the rate of 14 per cent, per annum, absorbing £280,000.

Net pro jit Brought for ward Year end rd March 31. 1930 282.917 : 155,154 1931. £ 208,286 174,171 1932. 177,836 Total avaii able 138,071 i 8 2 . 1 : > 1 316.293 Dividend amount 240,000 200,000 110,000 Ditto rate p.c. . . . 12 p.e. 10 p.c. 7 p.c. Premises account 10,000 — — Pension and gratuity funds 13,900 14,000 11,000 Exchange con tingent account — — 50,000 Carried for-