UDC Finance boosts annual profit 13 percent as primary sector lending leads growth

Sun, 01 Dec 2013

By Paul McBeth Dec. 2 (BusinessDesk) - UDC Finance, the finance company owned by ANZ Bank New Zealand, boosted annual profit 13 percent on improved margins and growing exposure to the primary sector. Net profit rose to $43 million in the 12 months ended Sept. 30, from $38 million a year earlier, the Auckland-based lender said in a statement. The finance company lifted net interest income 8.6 percent to $96.3 million in the period, with a gross interest margin of 53.6 percent, up from 49.7 percent a year earlier. UDC increased its loan book...

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