News Round Up
Monday, March 12th 2007, 7:12AM
Hanover Finance has reported a 20% increase in profit after tax to $20.9 million for the half year ending December 31, attributing the performance to disciplined lending and matching funds inflow to lending requirements.Combined pre-tax profit for the four Finance Companies in the Hanover Group - Hanover Finance, United Finance, Nationwide Finance and FAI Finance – was $36.7m, up 28% on the prior year. This included particularly strong performances by both Hanover Finance and United Finance, respectively up 20% to $20.9m and 145% to $4.1m.
Hanover chairman Greg Muir says the result was pleasing, especially against the difficult backdrop of failures by Provincial Finance, Western Bay Finance and National Finance 2000. Muir says reinvestment rates by debenture holders are currently running at around 80% and new investment flow was also good. The Group has also put in place $200m of banking lines to diversify its funding base, further strengthening liquidity.
Banks increase term investment rates
There’s a raft of rate increases in term deposits coming through following the Reserve Bank’s official cash rate increase. [MORE]
House prices rebound
House price increases have rebounded as has the average sale price according to the latest figures from QV.
To read commentary on what’s happening in the main centres go to landlords.co.nz
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