UDC Finance, the finance company subsidiary of Australia & New Zealand Banking Group, says full-year profit rose 31 percent on increased lending.
Profit increased to $37.9 million in the 12 months ended September 30 from $28.9 million a year earlier. Revenue grew 15.3 percent, it says in a statement.
UDC's lending book rose 3.5 percent to over $2 billion and new lending rose 7.5 percent. Its full results have not yet been released to the Companies Office.
"These results also reflect new signs of confidence in the economy with businesses showing a readiness to invest in vehicles, plant and equipment," chief executive Tessa Price says.
UDC ranked second to GE Capital by total assets in 2011, according to KPMG's Financial Institutions Performance Survey. Net loans and advances were $1.97 billion at UDC, which just pipped GE Capital.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Light rail the winner in latest Auckland Transport turnaround
- Companies Office rejects NZ First complaint over Silver Fern deal
- MARKET CLOSE: Shares rise as investors seek stability; Spark, Precinct Properties, Summerset up
- New data series shows 5.2% of NZ households owe more than they own
- Key goes against NBR readers, conservative UK, Australian governments, corporate NZ on 'Google tax'
Most listened to
- BNZ's Jason Wong says the movements in the currency market last week were some of the biggest in history
- CBL's Peter Harris on uncertain times in the UK insurance industry
- Govt performing an awkward political U-turn on foreign trusts. Rob Hosking with John Shewan and John Key
- Trade Minister Todd McClay says plans for an FTA with the EU will not be hindered by the Brexit
- Oxford University academic Malcolm McCulloch predicts the imminent death of the internal combustion engine