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

 


UDC lifts first-half profit 8% on more car, forestry loans

UDC lifts first-half profit 8 percent on more car loans, forestry lending

By Suze Metherell

May 21 (BusinessDesk) – UDC Finance, the finance company owned by ANZ Bank New Zealand, lifted first-half profit 8 percent as it grew lending in car loans and forestry.

Net profit rose to $25.7 million in the six months ended March 31 from $23.8 million a year earlier, the Wellington-based lender said in a statement. The finance company grew new lending $89 million, or 16 percent, without providing details of the size of its loan book. Those gains were driven by a 53 percent gain forestry lending and a 70 percent increase in new car lending. The lender shrunk its cost-to-income ratio, a measure of its margins, by 7 percent, it said without being more specific.

“We are now seeing pent up demand for assets being converted into decisions to invest in vehicles, plant and equipment,” chief executive Tessa Price said.

According to its 2013 annual report, the lender’s loan book was $2.07 billion as at Sept. 30, with $374.3 million in agriculture, forestry and fishing, $387.4 million in transport and storage loans, and $282.4 million in construction lending.

The ANZ-backed finance company is one of the few survivors from the sector collapse through the second half of last decade. Earlier this month, its Auckland-based parent posted a 27 percent gain in first-half cash profit to $887 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Season Ends: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news