UDC Finance lifts half year profit by 24%

Media Release                  

24 June 2013

UDC Finance lifts half year profit by 24%

UDC Finance has recorded a net profit after tax of $23.8 million for the six months to 31 March 2013, an increase of 24% on the previous half.

The result was driven by strong growth in revenue, while non–performing loans decreased by 29 per cent year-on-year.

In the past year, UDC has reduced its cost-to-income ratio by 11 per cent and grown lending by $29 million, or 5 per cent.

UDC’s CEO, Tessa Price, said: “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. This growing readiness to invest, and signs that businesses are gearing up for better times, reflect an encouraging lift in confidence in the economy

“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,” Ms Price said.

UDC Finance Results:
http://img.scoop.co.nz/media/pdfs/1306/UDC_Finance_Results__1H13_v_1H12.pdf

ENDS

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