UNION BANK’S PROFITS.

Waikato Times, Volume 110, Issue 18378, 11 July 1931, Page 8

UNION BANK’S PROFITS.

REDUCTION ON LAST YEAR. THREE YEARS’ RETURNS. The sum of £90,010 will be carried forward to next year’s accounts by the Union Bank of Australia, according to oable advice received by the bank’s New Zealand Inspector, Mr W. A. Kiely, of Wellington. As the message indicates no other appropriations than the payment of a final dividend of 2 per cent., which will require £BO,OOO, in addition to £200,000 absorbed by the interim dividend of 4 per cent, in January, the amount of the declared profits is evidently £283,019. A sum of £86,991 was brought into the accounts from the previous year. The bank’s results and appropriations for the last three years, therefore, compare as follows:

Car. forward £86,330 £86,091 £OO,OIO A steady increase in the bank’s profits continued until the record of £638,966 was reached in 1927-28. Since then there has been a shrinkage of £355,947.

Bfft. Net rorward proflts . 1928-20. 1920-30. £99,404 £86,336 611,932 525,655 1930-31. £86,991 283,019 New build’s. £71 1,336 £611,991 25,000 25,000 £370,010 Dividend p.c. 15 12J 7 Amount .. 600,000 500,000 280,000