NATIONAL BANK

Evening Post, Volume CXXVIII, Issue 3, 4 July 1939, Page 12

NATIONAL BANK

NET PROFITS INCREASE

DIVIDEND 5 PERCENT.

The directors of the National Bank of New . Zealand, Ltd., state in their annual report and statement oi the bank's affairs as on. March 31 last l that the profit for the year, after appropriations to contingency accounts, out of which accounts full provision has | been made for bad and doubtful debts, ! exchange, national defence -contribution, and other contingencies, amounts! jto £ 106,542 2s lid. To this amount has jto be added £ 113,690 9s lOd brought forward , from the previous year, j making an available, total. of £ 220,214 ! 12s 9d. " . 1 The interim dividend of 2-4 per cent., less income tax, paid -in January last, absorbed £41,041 13s 4d. The sum of £10,000 has been transferred to premises account and £14,00 C has been placed to. pension and gratuity funds, leaving £155,172 19s sd" available for distribution. The directors, propose to allocate this amount, as follows: —In payment, of a final dividend of 2i- per I cent., less United Kingdom income tax ;(at the rate of 3s 7d in the £, after allowing relief in respect of Dominion income tax), £41,041 13s 4d; balance to be carried forward, £114,131 6s Id. The agency at Otahuhu i?.as been converted into a brancn. and an additional agency has been opened at Ohai. The Rt. Hon. Lord Balfour of' Bur■ ieigh and Mr. Richard Duran't Trotter, ;directors, retired.by.rotation in accordjance with the Articles of Association, (and, being eligible, were re-elected at jthe annual meeting held in London on | June 27 last. 1 The National Bank's net profits for 1938 amounted to £105,727, and tlie dividend was 4_ per cent, per annum. Deposits and. current accounts this year amounted to £13,298,385, against £13,908,667 last'year. Reserve fund is unchanged1 at £ 1,000,000, and currency reserve £500,000 ig unchanged. Bills payable and other liabilities at £1,321,571,. compare with £1,334,169 for 1938. Assets include coin,-'notes, and cash at banks ' £2.156,585, against £2,137,719 at March, 1933. British and New Zealand Government investments total £2,023,793, compared with £2,229,727 last year! Advances are £11,921.749, against £12,762,613 for 1938.