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

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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