New Zealand Finance reports strong first quarter

New Zealand Finance reports strong first quarter and $50 million increase from Westpac

New Zealand Finance Holdings Limited ( NZX-NZF) reports that the first quarter to June 30 2007 has been strong.

John Callaghan, CEO, says," We've seen in the first three months of our financial year 15.9 per cent growth in our total assets to over $230 million. We have continued to receive the support of our depositers, financial planners and banking partners and this diversification of funding sources has supported our strong growth."

"Deposits are steadily growing. We recorded our biggest collection of deposits within the last 3 months, the week after Bridgecorp folded. "

"Another example of the confidence the sector has in NZF is the fact that Westpac has just increased our mortgage securitisation warehouse facility to NZF Mortgages, our subsidiary from $150 million to $200 million - an increase of $50 million. This increase of facility will assist our growth in the securitisation area," he added.

"The recent appointment of Adrienne Smith as Chief Operating Officer has helped strengthen our management team. Adrienne brings a lot of experience from the traditional banking sector. We believe we are going to see the differences between banks and financial institutions like ourselves get smaller. One of the growth areas for us is the way that people borrow money and who they borrow it from," Mr Callaghan ended.

ENDS

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