UDC Finance’s net profit after tax rose to $43 million for the year
ended September 30, 2013, an increase of 13% on the previous financial
year.
The company – a major player in vehicle and asset
finance – says the profit lift was driven by continued growth in new
lending and revenue, and tight management of costs.
Tessa
Price, UDC’s CEO, says: “We’ve played to our strengths and built further
on UDC’s consistent growth as New Zealand’s leading finance company.
“Revenue has increased by 9% as we’ve delivered further growth in quality lending, with a 7% lift in new lending year-on-year.
“This has continued into the current financial year with a record month for new loans in October,” says Price.
“In
addition to streamlining the business to better deliver for our
customers, these results reflect gathering growth in the New Zealand
economy, which we’re now seeing extend to all major sectors.”
In
particular, UDC recorded strong lending growth in forestry (up 35%
year-on-year), transport and storage (up 28%), and construction (up
16%).
Car loans were up 18% during a year in which UDC joined
forces with Suzuki New Zealand to provide Suzuki Finance-branded
products across its dealer network.
