Bad debt provisions dent MTF earnings

Tue, 23 Jun 2020

MTF Finance's first-half profit fell by more than a third as it lifted provisions for increased bad debt on the back of the covid-19 crisis, although the worst may be still to come. Decelerating vehicle financing numbers during the New Zealand lockdown saw sales drop by 90 percent through the level 4 restriction period to $5 million. That only captures a week of the MTF's March 31 reporting period, pointing to a tough second half for the car lender. MTF reported a net profit of $2.7 million in the six months ended March 31, down from $4...

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