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

 

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Going Dutch: Fonterra Kicks Off $144M Partnership With Dutch Cheese Maker

Fonterra Co-operative Group, the world’s largest dairy exporter, has commissioned a new dairy ingredients plant in Heerenveen, in the north of the Netherlands, its first wholly-owned and operated ingredients plant in Europe. More>>

ALSO:

Scoop Business: NZ Retail Sales Beat Estimates

New Zealand retail sales rose more than expected in the fourth quarter, led by vehicle-related transactions, food and beverages, adding to evidence that cheap credit and a growing jobs market are encouraging consumers to spend. More>>

ALSO:

Delivery Cuts Go Ahead: 'Government Money Grab' From NZ Post

"It's a money grab by the Government as the shareholder of New Zealand Post" says Postal Workers Union advocate Graeme Clarke about the changes announced by NZ Post. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news