UDC posts higher annual profit

RICHARD MEADOWS
Last updated 11:53 02/12/2013

Relevant offers

News

Aston Martin to build 99 Vanquish Zagatos Dodge killing off Viper supercar again Los Angeles Police get electric car fleet Marlborough road workers 'disgusted' at cellphone use Electric Honda NSX to tackle Pikes Peak Mazzanti's new Millecavalli Italian supercar touted to hit 402kmh Flying cars just took a big step closer to being legal This $1000 go-kart has better safety tech than most cars Mazda urged to examine MX-5 airbags Research shows cars can be carried away by even shallow water

UDC Finance has posted a $43 million profit after tax for the year to September 30, up 13 per cent on the back of strong lending growth and tight cost management.

The asset- and vehicle-finance company grew new lending by 7 per cent in the year.

Chief executive Tessa Price said the results reflected gathering growth in the New Zealand economy; "which we're now seeing extend to all major sectors".

Particularly strong growth areas included forestry, up 35 per cent, transport and storage, up 28 per cent, and construction, up 16 per cent.

Car loans were also up 18 per cent, after UDC joined with Suzuki New Zealand to offer Suzuki Finance-branded products through its dealer network.

Revenue rose 9 per cent to $97.7m, while expenses remained flat at $30.9m.

The ANZ Bank subsidiary made a strong start to the new financial year, with a record month for new lending in October.

UDC was one of only three big deposit-taking finance companies to survive the collapse of the sector.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content