UDC Finance has increased net profit after tax 11% to $57.1 million for the year to September 30.
Debenture investments are up 11% on last year, to $1.74 billion. UDC attributes the result to solid lending growth, improved credit quality and cost efficiencies. Overall revenue has lifted by 6% to $122 million and seen its cost-to-income ratio fall to 26.5%, from 27.3% last year.
“We have grown our loan portfolio and are developing further long-term partnerships in our key industries. Motor vehicle lending was a key contributor, with year-on-year growth of 14%, as well as growth in Road Transport and Construction" UDC CEO Wayne Percival says.
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