Debenture funding down at UDC

UDC Finance has posted a record net profit after-tax of $61.6 million for the year to 30 September 2017, a 5% increase on the previous financial year.

Lending growth, up 13% to $2.9 billion. Motor vehicle lending increased $261 million (+28%), commercial lending grew by $51 million (+4%) and equipment dealer lending was up $12 million (+7%).

“Continued strength of the economy has seen record new car sales, healthy investment in new equipment in agriculture, forestry, construction and business services," UDC CEO Wayne Percival said.

UDC’s loan book crossed the $3 billion mark at the start of November.