UDC sees small lift in deposits
ANZ-owned finance company UDC Finance says its net profit after tax rose 20% in the 12 months to September 30, to $51.5 million.
UDC has grown new lending by 18%, to $1.34 billion, lifted total revenue by 18% and reduced cost-to-income to 27.3%.
The company achieved strong lending growth in forestry (up 63%); construction (up 15%); motor vehicle (up 14%); and agriculture (up 13%). UDC grew market share in finance for new cars – increasing its lending by 51% in a year where new car sales nationally rose 20%.
Investments with UDC were up 5% to $1.57 billion.
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