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
- Top lawyer on gardening leave after 22 years at Russell McVeagh
- Aussie Rich List – where are the Kiwis?
- How much taxpayers are giving to parties for political ads
- Briefcase: Anderson Lloyd visit The Factory (again) while Colin Craig haunts the High Court (again)
- Orion Health falls another 10% to new post-IPO low
Most listened to
- It’s "odd" StuffMe applicants are "so sensitive about anonymous submissions," says competition lawyer Andy Glenie
- Andrew Little, James Shaw, Steven Joyce and Bill English all weigh in on how good the budget was for Kiwi businesses
- Rob Hosking does not think it's good enough the Budget has left out reduced taxation on savings
- Lawyers are playing musical chairs in this week's Briefcase with John Bowie
- NBR Radio: best of the week ended May 26, with Grant Walker