MTF's core annual profit falls after loan product withdrawn

MTF's core annual profit falls after loan product withdrawn
Jenny Ruth
Unrealised fair value gains boosted Motor Trade Finance's annual net profit 38 percent but underlying profit was down 8.6 percent, reflecting the withdrawal of its non-recourse lending product.MTF's net profit for the year ended September rose to $11.1 million from $8.1 million the previous year. That included a $4.4 million unrealised gain on the fair value of financial instruments in the year just gone compared with an $884,000 unrealised loss the prior year.Underlying profit was $8 million, down from $8.7 million.Turners Automotive Group had...

More Finance

Greenslade to step down as Heartland announces Aus leadership
Finance

Greenslade to step down as Heartland announces Aus leadership

Heartland expects to complete the Challenger Bank acquisition by April 30. 

Staff reporters 08 Apr 2024
Suncorp flicks Asteron Life for $410 million
Finance

Suncorp flicks Asteron Life for $410 million

The NZ insurer will continue to operate as a standalone brand.

Staff reporters 04 Apr 2024
Fintechs don’t want Payments NZ in charge of open banking
Finance

Fintechs don’t want Payments NZ in charge of open banking

They say a divorce from the API Centre would avoid any chance of a conflict of interest.

Ben Moore 04 Apr 2024
How to give your portfolio a good cleanout
Finance

How to give your portfolio a good cleanout

Investors should review their goals and strategies around tax time each year.