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UDC: On track for sale

UDC Finance says its half-year profit of $30.2 million positions it well for new ownership.

Tuesday, June 6th 2017, 7:21PM

It reported net profit growth of 11% compared to the same period the previous financial year, driven by low provision charges and lending growth across a range of industries.

“We’re well positioned as we move into a new period of HNA Group ownership, which will bring more growth and investment to UDC," said chief executive Wayne Percival.

Overall revenue was $60.4m, reflecting tighter margins and high quality lending. 

“UDC continues to support the New Zealand economy. Our financial performance reflects our strong customer relationships and a healthy business environment,”  Percival said.

“UDC is experiencing growth in lending to vital sectors including transportation, construction and forestry.

“Business confidence has flowed through to consumer lending too, with lending through car dealerships growing by 37%. New car sales are strong and UDC remains the preferred motor vehicle finance partner.”

Focus on cost control restrained total expenses to a 3% increase, and the cost-to-income ratio sat under 27%, representing no change from the same period in the previous financial year.

 

Tags: UDC

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