Truck, plant and equipment financier, UDC Finance, has recorded a net profit after tax of $23.8 million for the six months to March 31 2013 – an increase of 24% on the previous half.
“The growing readiness to invest, and signs that businesses are gearing up for better times, reflect an encouraging lift in confidence in the economy,”says UDC CEO, Tessa Price.
The six month result was driven by strong growth in revenue, while non–performing loans decreased by 29% year-on-year.
In the past year, UDC has reduced its cost-to-income ratio by 11% and grown lending by $29 million, or 5%.
Price, says: “These results add further to the momentum our team is building as New Zealand’s leading finance company.
“Our strong focus on quality lending has continued to deliver results in financing investment by Kiwi businesses in vehicles, plant and equipment.
“We will stay focused on meeting our customers’ needs so we can help businesses grow.
“Through our investors we’re also proud to be helping Kiwis to support New Zealand businesses and our economy,” Price adds.
