Record profit for UDC
UDC Finance has posted a record net profit after-tax of $65.3 million for the year to September 30, a 6% increase on the prior financial year.
Wednesday, December 12th 2018, 2:00PM
A key contributor to the result was strong lending growth, up 11% to $3.22b. Motor vehicle lending increased $217m (+18%), commercial lending grew by $50m (+4%) and equipment dealer lending was up $12m (+6%).
“This is another strong result for UDC and reflects loan growth across the wide range of industries we work with, as well as attention to credit quality and careful cost management,” chief executive Wayne Percival said.
“The economy has continued to be strong, and despite slowing growth in the automotive sector as well as reported lower business confidence, UDC has had a positive result.
“UDC has supported the industries that are building the backbone of the country. Growth in commercial lending was driven by investment in equipment across the construction, forestry, agriculture and business services sectors.
“In the coming year, UDC will have a strong focus on the high-demand road transport and construction sectors, particularly in the Auckland market.”
ANZ said in October it was putting the sale of UDC on hold. Its attempt to sell to HNA Group was thwarted by the Overseas Investment Office.
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