UDC lifts 1H profit 24 percent on fatter margins, fewer bad debts

Sun, 23 Jun 2013

By Paul McBeth June 24 (BusinessDesk) - UDC Finance, the finance company owned by ANZ Bank New Zealand, lifted first-half profit 24 percent after reaping fatter margins on its interest income and recognising fewer bad debts weighing on its bottom line. Net profit rose to $23.8 million in the six months ended March 31 from $18.7 million a year earlier, the Wellington-based lender said in a statement. Interest income was flat at $88.7 million, while interest expenses shrank 7.7 percent to $41.9 million. That saw the lender eke out a 7.8 percen...

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