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Instant Finance Goes From Strength To Strength

Media Release

14th July 2008


Instant Finance Goes From Strength To Strength


Instant Finance, one of New Zealand’s longest established personal loan providers, has doubled its profit, achieving a net surplus after tax of $3.8 million for the twelve months ended 31 March 2008 compared with $1.9 million for the previous comparable period.

Instant Finance has maintained its reputation for prudence and sound governance in a difficult market. Chief Executive, Richard de Lautour commented: `I am satisfied with the result, given the challenging environment in which the company has been operating.’

He explained: ‘The full year result was underpinned by strong first half lending activity and although this was pruned back to preserve liquidity as the year progressed, it remained very much business as usual. A reduction in impaired asset expense was also a contributing factor in the overall result.’

Instant Finance has been in business for over 35 years and continues to maintain a strong balance sheet with shareholders equity at balance date of $17.4 million representing 20.9 % of total assets. Loan receivables were down from $66.8 million as at 31 March 2007 to $65.0 million as at 31 March 2008.

Mr de Lautour added: `We have a hugely loyal client base with 20,000 active loans. Those customers appreciate our key values of trust, openness and a reputation for honesty. We have no doubt that the strength of our balance sheet combined with an experienced management team will provide Instant Finance with opportunities for growth over the medium term.’

Instant Finance manages customer loans personally via its branch network and does not rely on referrals from a dealer network or third party originators. It is not unduly exposed to loans secured over motor vehicles sold at retail and has no exposure to the property market.

Instant Finance operates 18 branches throughout the North Island and employs 118 staff.


ENDS

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