UDC Finance first-half profit falls 4% as margins contract, provision rises

Fri, 20 May 2016

By Jonathan Underhill May 20 (BusinessDesk) - ANZ Bank New Zealand's UDC Finance unit reported a 4 percent decline in first-half profit, saying the result reflected tighter lending and deposit margins as a result of increased competition and an increase in its charge for bad debts. Profit fell to $27.3 million in the six months ended March 31, from $28.4 million a year earlier. Operating income fell 1.9 percent to $59.5 million while operating expenses fell 2.5 percent to $15.8 million. UDC's AA- credit rating was placed on CreditWatch...

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