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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news