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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news