Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


UDC Finance lifts half year profit by 8 per cent

21 May 2014

UDC Finance lifts half year profit by 8 per cent

UDC Finance has recorded a net profit after tax of $25.7 million for the six months to 31 March 2014, an increase of 8 per cent on the corresponding half last year.

The result was driven by continued lending growth, a decreased cost-to-income ratio and improved asset quality.

Against the same period last year, UDC has grown new lending by $89 million, or 16 per cent, and reduced its cost-to-income ratio by 7 per cent.

Tessa Price, UDC’s CEO, said: “UDC has continued to play to its strengths as New Zealand’s leading finance company, building further on the growth and momentum we’ve achieved, with an increase in lending across our core segments.

“As economic recovery has gained pace in New Zealand and globally, businesses are now operating from a solid base of confidence. They have more work, are growing, and we are now seeing pent up demand for assets being converted into decisions to invest in vehicles, plant and equipment.”

UDC achieved particularly strong lending growth in forestry (new lending up 53 per cent on the same period last year); and car loans, with new car lending up by over 70 per cent.

Ms Price said: “As we move forward, our focus remains on our core business of financing companies’ requirements as they invest in assets to take their business forward. We’re reinvesting in technology and training to make it easier for customers to do business with us.

“We’ll continue to work hard to understand the needs of our customers, to help them grow and build long-term resilience into their businesses.

“We’re also proud that, through our investors, we’re helping Kiwis to support New Zealand businesses and our economy,” Ms Price said.
UDC Finance is a wholly owned subsidiary of ANZ Bank New Zealand Limited, and has a Standard & Poor’s* credit rating of AA-, in line with the major banks.

*Credit ratings issued by Standard & Poor’s Ratings Services are solely statements of opinion and not statements of fact or recommendation to purchase, hold or sell any securities or make any other investments decisions. Latest ratings can be found at www.standardandpoors.co.nz

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news