GFC survivor, Asset Finance, doubles full-year profit as interest income grows

Fri, 11 Sep 2015

By Jonathan Underhill Sept. 11 (BusinessDesk) - Asset Finance, a Whakatane-based finance company that survived the global financial crisis despite a business model based on issuing debentures, doubled its profit in the latest year as interest income rose and expenses fell. Net profit was $1.5 million in the year ended March 31, from $700,792 a year earlier, according to the company's annual report. Operating income rose about 20 percent to $5.98 million, driven by growth in interest income. The niche lender, which is controlled by inte...

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