UDC Finance Lifts Profit
02 December 2013
UDC Finance lifts profit by 13 per cent
UDC Finance’s net profit after tax rose to $43 million for the year ended 30 September 2013, an increase of 13 per cent on the previous financial year.
This was driven by continued growth in new lending and revenue and tight management of costs.
Tessa Price, UDC’s CEO, said: “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 per cent as we’ve delivered further growth in quality lending, with a 7 per cent lift in new lending year-on-year. This continued into the current financial year with a record month for new loans in October.
“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 per cent year-on-year); transport and storage (up 28 per cent); and construction (up 16 per cent).
Car loans were up 18 per cent during a year in which UDC joined forces with Suzuki New Zealand to provide Suzuki Finance-branded products across their dealer network.