Annual Reports - 1963
At March 31st 1963 the amount of total deposit balances reached a new high: 88,845,698. Another record value achieved was the level of profit as measured by Interest Margin less Management Expenses, which exceeded 250,000 for the first time. In the year-ended March 31st 1951 the Interest Margin (the excess of interest received over interest paid to depositors) was 219,320. By 1963 this figure had increased to 682,782; with Interest Paid fairly constant at about 2.2-million in the years 1951 to 1963, the improved margin is the result of the annual Interest Received figure increasing from approximately 2.5-million to almost 3-million. Retaining the increased profits, instead of increasing the rate of interest paid to depositors, enabled the Bank to increase its level of Reserves. In 1946 the Bank established a 'Reserve for Deferred Repairs at Head Office and Branches' of 15,000 - this sum was hardly added to over the ensuing years but was doubled to 40,000 in 1958. In the next five years substantial sums were added so that by March 31st 1963 the balance stood at 250,000. A 'General Reserve' was established in 1950 with the sum of 550,000 set aside from Profits; by 1963 this reserve had increased to 1,150,000. With many of the Bank's branches established almost 40 years previously there was a growing need for alterations to premises to cope with increased levels of business and to meet modern standards. The Offices, Shops and Railway Premises Act of 1963 required the Bank to alter its premises in order to secure the health, safety and welfare of its employees by providing certain basic minimum standards of working conditions. These basic standards included proper ventilation and lighting, seats for sedentary workers, somewhere to hang and dry clothes, a minimum temperature of 60.8F, and separate toilet facilities for both sexes with hot water, soap and towels. In addition to these required works, the Committee reports that alterations have been made to three of the Bank's busiest branches (Acocks Green, Kingstanding, and Yardley) and 10,246 has been expended on "Alterations to Premises". Duddeston branch has been moved from its original premises (converted from a public house) to a modern unit.
(1) Published Report
Annual Reports
Published  Report (cont.)