FlexiGroup's NZ cards business outpaces credit growth; bad debt ticks up

Tue, 21 Aug 2018

By Paul McBeth Aug. 21 (BusinessDesk) - FlexiGroup's New Zealand credit card unit boosted annual profit as lending growth outpaced the nation's consumer credit expansion. Cash profit rose 9 percent to $31.9 million in the 12 months ended June 30, outperforming the wider Australian financial services group. The Kiwi cards unit, which includes the Q Card, Flight Centre MasterCard, Farmers Card and Oxipay, added 73,000 customers in the year, with 481,000 as at June 30. Customer spending rose 14 percent to $710 million, and closing receiva...

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