News Bites

UDC sees small lift in deposits

Tuesday 2nd of December 2014

ANZ-owned finance company UDC Finance says its net profit after tax rose 20% in the 12 months to September 30, to $51.5 million.

UDC has grown new lending by 18%, to $1.34 billion, lifted total revenue by 18% and reduced cost-to-income to 27.3%.

The company achieved strong lending growth in forestry (up 63%); construction (up 15%); motor vehicle (up 14%); and agriculture (up 13%). UDC grew market share in finance for new cars – increasing its lending by 51% in a year where new car sales nationally rose 20%.

Investments with UDC were up 5% to $1.57 billion.

Comments (0)
Comments to GoodReturns.co.nz go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved.