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UDC lifts half-year profit

UDC Finance has reported 24% increase in net profit after tax for the six months ended March 31.

Monday, June 24th 2013, 4:54PM 1 Comment

It recorded NPAT of $23.8 million.

It said the 24% increase compared to the previous half was due to strong growth in revenue. Non-performing loans decreased by 29% year-on-year.

UDC has reduced its cost-to-income ratio by 11% and grown lending by $29 million, or 5%, over the past year.

Chief executive Tessa Price said UDC focussed on quality lending to businesses for vehicles, plant and equipment. "This growing readiness to invest, and signs that businesses are gearing up for better times, reflect an encouraging lift in confidence in the economy."

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Comments from our readers

On 16 January 2014 at 12:42 pm Jim Pavarno said:
A long term invester with UDC, 20yrs plus, but still not enjoying UDC's success!. What about loyaty? time to move.

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