F&P profit up 20%
Fisher and Paykel Finance reported a profit increase of 20% in the year ending March 31.
Friday, July 26th 2013, 1:36PM
Its net profit rose to almost $20 million, from $16.6 million a year earlier. Net interest income rose 7.6% to $42.7 million on the back of lending growth on its Q cards.
It reported 18% growth in net finance receivables, mostly made up of Q card loans.
The card offers customers credit at stores including The Warehouse, Mitre 10 Mega and Rebel Sport.
F&P’s deposit base grew by more than $20 million on a year before to $135.2 million and its weighted average interest rate fell by a full percentage point to 6.4%.
Its debt was down on the same time a year before, to $203.4 million.
Since the March 31 figures were tabled, F&P has lost its wholesale funding agreement with Smiths City, which produced almost $9 million in net interest income.
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