NATIONAL BANK OF N.Z.

Wanganui Chronicle, Volume 77, Issue 156, 4 July 1934, Page 11

NATIONAL BANK OF N.Z.

INCREASE IN NET PROFIT LAST YEAR’S RESULTS. Cabled advice has been received from London by the general manager of the National Bank of New Zealand, Limited to the effect that the net profit for the year ended March 31 last, after making provision for bad and doubtful debts, and transferring £40,000 to exchange and contingency account, amounted to £95,674, which, with £114,742 brought forward from the previous year, leaves available for dis* tribution £210,416. This amount it is proposed to allocate as follows: £ In payment of a dividend aJ the rate of 4 per cent, per annum, free of tax 80,000 To pension and gratuity funds 14,000 To premises account 10,000 Balance to be carried forward 106,416 £210,416 The final dividend, at the rate of 4 per cent, per annum, for the half-year ended March 31, making 4 per cent, for the year, will be payable in New Zealand free of tax, on July 21, at any branch of the National Bank of New Zealand, Limited, at the current rate of exchange for demand drafts on London on the date of negotiation. The not profit and the appropriations of the National Bank of New Zealand, Ltd., for the last three years, compare as follow: Year ended March 31. 1932. 1933. 1934. £ £ £ Net profit 117,836 116,449 135,674 Bit. forward 168,457 142,293 114,742 Total available .. .. 346,293 258,742 250,416 Dividend: Amount . . 140,000 80,000 80,000 Rate, p.c. .744 Premises a/c 10,000 10,000 Pension & gratuity funds 14,000 14,000 14,000 Exchange contingent a/c 50,000 40,000 40,000 Carried fwd. 142,293 114,742 106,416 I Dor the year ended March 31, 1931, the net profit was £208,286, and the dividend was 10 per cent. For the year ended March 31, 1930, the net profit was £282,917, and the dividend 112 per cent., and for tho year ended March 31, 1929, the net profit was £290,582, and the dividend 14 per cent.