UDC Finance has posted a record net profit after-tax of $61.6 million for the year to 30 September 2017, a 5% increase on the previous financial year.
Lending growth, up 13% to $2.9 billion. Motor vehicle lending increased $261 million (+28%), commercial lending grew by $51 million (+4%) and equipment dealer lending was up $12 million (+7%).
“Continued strength of the economy has seen record new car sales, healthy investment in new equipment in agriculture, forestry, construction and business services," UDC CEO Wayne Percival said.
UDC’s loan book crossed the $3 billion mark at the start of November.
Revenue increased $3.6 million (+3%) from FY16. Underlying revenue growth from lending has been even stronger, but this was offset by a number of headwinds, including cost of funds, lower prepayment revenue and lower fee income.
At $1.039 billion, debenture funding remains an important part of the funding mix but has declined by 35% from the prior year.
ANZ has increased the level of funding support with the limit on the facility increased to $2.7 billion effective from November 13.
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