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Profits below expectations at General Finance parent

General Capital, the parent of non-bank lender General Finance, saw profits fall below expectations in the year to March, despite a 254% increase in net profit for its lending arm. 

Tuesday, July 14th 2020, 4:12PM

General Capital Limited's latest results show assets rose to $51.2 million in the year to March. Pre-tax profit was $128,000, up from a loss of $458,000 in the year to March 2019.

Revenue rose to $2 million, an increase of 48%, it said.

General Capital is led by managing director Brent King. King orchestrated a backdoor NZX listing in 2018.

Despite the uplift, General Capital said growth in its finance receivables book and term deposit liabilities "was not as fast as was originally anticipated" in 2019, having a knock-on effect.

It said: "Whilst the balance sheet growth has been significant in the year ended 31 March 2020, due to delayed growth, the loan receivable book is $15.8m behind forecast as at 31 March 2020 and the term deposit liabilities are $5.9m behind forecast as at 31 March 2020."

General Capital said the "slower than anticipated growth and high proportion of cash and cash equivalents in the balance sheet" caused its net interest margin to be $1.1 million lower than forecast. This, combined with less revenue than forecast from General Capital's research and advisory division, "resulted in net profit after tax of approximately $1.2m behind forecast".

Nonetheless, General Capital said its "finance segment", General Finance, enjoyed "a very positive year", with year-on-year growth of 102% in loan receivables, and 178% in term deposit liability.

According to the firm, growth in the finance book drove a 71% year on year increase in net revenue, and 254% year on year increase in net profit for the division.

 

Tags: General Finance

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AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
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BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
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SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
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Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

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