About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Sunday, February 23rd, 11:20AM
rss
Latest Headlines

Deposit rate news briefs

Profit announcements for South Canterbury Finance, Strategic Finance and Nathans Finance, and an admission from UDC.

Thursday, September 21st 2006, 11:42AM
South Canterbury Finance has boosted its annual pre-tax profit by 28%, and said it is looking to expand.

Chief executive Lachie McLeod says SCF’s diversified loan book and low levels of bad debts - less than 0.5% of total advances - helped produce the third consecutive record profit, of $38.7 million.

After-tax profit rose 17% to $26.1 million. Group assets increased by 26% to $1.3 billion, including $1.0 billion in loans.

Strategic profit $22.8 mill
Strategic Finance has reported says its net profit for the year to June 30 has fallen, but that is because last year’s result was boosted by some extraordinary items.

Net profit was down from $25.5 million to $22.8 million, with last year’s result being boosted by advisory fee income from two significant transactions.

“After allowing for last year’s extraordinary income, our profit in the current year continues the trend of the company achieving robust year on year growth,” chief executive Kerry Finnigan said.

Total assets grew 26% to stand at $498.7 million. Total liabilities - predominantly depositors’ funds - grew by $101 million or 29.5% to $439.1 million. Shareholders’ funds rose 4% to $59.7 million.

During the year minimal bad debts were written off, with a total of just $38,292 in the year to June 30, 2006.

Nathans reveals its profit


VTL Group subsidiary Nathans Finance has also reported an increased net profit rising 47.3% to $4.97 million for the year to June 30.

During the latest year its total assets increased by 26% from $137 million to $172.2 million. The company says it has “continued its unblemished record of no bad debts.”

"Nathans Finance is in a unique position in that VTL Group's franchise operators have their business performance monitored electronically on a daily basis. This means that any business difficulties they are experiencing are picked up early, so immediate remedial action can be taken."

UDC growth static
New Zealand's biggest issuer of debenture stock, ANZ-owned UDC, is set to report another "disappointing" full year result, having lost share in key markets during a period of phenomenal growth for finance companies.

Its level of debentures has remained steady over the past two or three years, while the rest of the market has been moving in leaps and bounds, growing by as much as 20% a year.

General manager Malcolm Tillbrook is reported in the Herald as saying recent results have been disappointing.

The biggest factor was the loss of market share in the plant and equipment financing division, which accounts for 70% of UDC's business. Vehicle financing makes up the balance.

Tillbrook attributed the loss to changes in the business model three years ago when its sales force were made independent operators.

« Fin coys to lose their provisioning cushionProvincial's first payment exceeds expectations »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 1.75  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com