General Finance experiencing good growth
General Finance is seeing growth in its business as investors chase good yields.
Thursday, July 2nd 2015, 2:56PM
“The year to March 2015 was a good year for General Finance”, director James Lockie said. The company was issued with a Non-bank Deposit Takers licence by the Reserve Bank in February 2015. Its deposit base grew by 20%, over the last year, and its lending business has expanded.
"Profitability also strengthened on the back of increased lending.”
General Finance reported the following audited result:
- Pre-tax profit from operating activities increased to $432,586, up 52% from $284,211.
- Lending (and receivables) increased to $9.33 million, up 7.0% from $8.71 million.
- The company’s deposit base increased to $7.79 million, up 20% from $6.47 million.
Capital was maintained at $3.2 million, with a risk weighted capital ratio of 55% (well above the 10% required).
"The company is currently experiencing a strong demand from those looking to place deposits at higher than bank yields," Lockie said.
General Finance is a licensed Non-bank Deposit Taker, specialising in short term advances, secured over residential property.
See General Finance's deposit rates here
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