Nationwide Finance increases profit by $1.4 mill
Nationwide Finance says it has produced a net profit of $2.6 million for the year to June 2004, up from $1.4 million for the 10 months to June 2003.
Sunday, November 14th 2004, 11:22PM
Its total assets grew 31% from $120 million to $157 million and total liabilities (consisting mainly of investor funds) had a corresponding increase, up from $107 million to $141 million.
Nationwide says there were no related party loans or advances.
Nationwide is a plant and equipment finance specialist, and it is part of the Hanover group. It ranks in the top (by asset size) 20 finance companies in New Zealand, according to the KPMG Financial Institutions Performance Survey 2004.
Hanover Group chairman Mark Hotchin says Nationwide's loyal investor base and prudent lending strategies have created a solid platform for sustainable growth.
"Nationwide has been around for 31 years and a lot of its investors have been with the company for many years. The company had a very high customer reinvestment rate in the 2004 financial year and is well-placed to continue to grow new investor funds," he says.
Hotchin says investor confidence is important for Nationwide Finance and the company has moved in the last year to further improve its governance standards, including the appointment of academic and business leader, Sir Tipene O'Regan, as an independent director.
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