ANZ Bank's UDC unit lifts full-year profit by 11%
Profit increase matches rise in debenture investments.
UDC Finance had an 11% gain in full-year profit that the finance company attributed to lending growth, including stronger motor vehicle credit.
Profit rose to $57.1 million in the 12 months ended September 30, from $43 million a year earlier, the Auckland-based, ANZ Bank New Zealand-owned lender said in a statement. Revenue rose 6% to $122 million.
The finance company hasn't released its full financial statements for the latest year. In the one-page statement it said debenture investments rose 11% to $1.74 billion and cost-to-income ratio fell to 26.5% from 27.3%. Motor vehicle lending rose 14%, and it had growth in lending to the road transport and construction sectors, it said.
Its provision expense fell 11% and impaired loans fell 3%.
UDC was reducing costs by spending on technology and was taking advantage of "capabilities available through the ANZ Group," chief executive Wayne Percival said.
(BusinessDesk)
Jonathan Underhill
Wed, 25 Nov 2015
Wed, 25 Nov 2015
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ANZ Bank's UDC unit lifts full-year profit by 11%
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