Motor vehicle lending helps UDC lift annual profit 6%

Wed, 12 Dec 2018

By Jenny Ruth Dec. 12 (BusinessDesk) - The ANZ Bank-owned UDC Finance says an 18 percent increase in lending on motor vehicles helped it lift annual net profit 6 percent. The finance company’s net profit for the year ended Sept. 30 was $65.3 million and that overall lending rose 11 percent, or $311 million, to $3.22 billion. Motor vehicle lending accounted for $217 million of the growth while commercial lending grew by $50 million, or 4 percent and equipment dealer lending rose $12 million, or 6 percent. “This is another strong resu...

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