Thursday 13th December 2012 |
Text too small? |
UDC Finance, the finance company subsidiary of Australia & New Zealand Banking Group, said full-year profit rose 31 percent on increased lending.
Profit rose to $37.9 million in the 12 months ended Sept. 30, from $28.9 million a year earlier. Revenue grew 15.3 percent, it said in a statement.
UDC's lending book rose 3.5 percent to over $2 billion and new lending rose 7.5 percent, the company said. Its full results haven't 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," said chief executive Tessa Price.
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.
BusinessDesk.co.nz
No comments yet
EBOS announces appointment of new Chief Financial Officer
AM Best affirms Tower Limited's A- (Excellent) FSR
MCK enters into conditional agreement for Whangarei land
April 26th Morning Report
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills