ANZ's UDC Finance boosts first half profit 11% ahead of sale to China's HNA

Sophie Boot
Tue, 06 Jun 2017

By Sophie Boot June 6 (BusinessDesk) - ANZ Bank New Zealand's UDC Finance unit lifted first-half profit 11 percent as it prepares for its sale to China's HNA Group,  Net profit rose to $30.2 million in the six months to March 31, from $27.3 million a year earlier. Revenue was flat at $60.4 million, and the company said the profit growth was "driven by low provision charges and lending growth across a range of industries." Full accounts have not been published, with the only details available on a one-page statement. ANZ announced the p...

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