UDC Finance’s net profit after tax rose to $37.9 million for the year ended September 30, 2012, an increase of 31% on the previous financial year.
“These results reflect new signs of confidence in the economy with businesses showing a readiness to invest in vehicles, plant and equipment,” says UDC’s CEO, Tessa Price.
“These are pleasing results which reflect the hard work and commitment shown by the team throughout the year.
“UDC continues to go from strength to strength as New Zealand’s leading finance company.
“It has been another year of quality lending growth within our business. Our lending book has grown by around 3.5% to over $2 billion – and new lending increased by 7.5% this financial year.”
Price says that UDC continues to concentrate on its core business of financing vehicles, plant and equipment as New Zealand companies gear up to take the economy forward.
“Our focus will remain on understanding the needs of our customers so we are best placed to help them grow.
“Through our investors, we are proud to be helping New Zealanders support New Zealand businesses.”
Price says UDC’s focus on quality lending and proven strengths in credit assessment and asset management also contributed to the increased profitability and a 15.3% growth in revenue.
These efficiencies in the business – driven by lower costs and provisions – have also seen UDC achieve pre-GFC levels of profitability.
