General Capital (GEN:NZ) Announces Very Strong Growth

HALFYR
Tue, Nov 29 2022 04:30 pm

General Capital, the listed financial services group, has had another very strong result over the 6 months to 30 September 2022.

The Chairman of General Capital, Mr. Rewi Bugo said, “All aspects of our financial performance have shown strong growth over the 6 months. It is pleasing to see the strong support we have received from our depositors with growth in deposit funding of 25% in the 6 months. This has allowed us to increase our loan book by 26% and our total assets by 23%. The point our directors are most proud of is that we have continued our growth and the Group is now producing strong and increasing profits. We have said we will continue to focus on profitable growth. This result shows our strategy is working.”

Mr. Brent King, Managing Director advised, “At our Shareholder meeting in September we noted the expected 6 months Net Profit After Tax of $900k to $1.05m. The group achieved Net Profit After Tax of $1.04m. It’s worth noting that the result includes $250k of Impairment of Goodwill expense. This is an accounting expense often called a “paper” non-cash expense. The details of the accounts are all positive: Revenue Up 82% NPAT Up 191% EPS Up 123% Assets Up 22.8% Net Assets Up 7.3% This is a strong performance for the Group.”

Looking forward, we are expecting the remainder of the financial year to be strong and profitable with continued balance sheet growth. There is significant opportunity in the market currently. We are seeking to take advantage of this without taking additional risk.”

For further information contact:

Brent King
Managing Director
General Capital Limited
+64 21 632 660
[email protected]

29 November 2022

END


Announcement PDF


Markets News

NZ sharemarket up 0.4% after a2 Milk surge
Markets Market Close

NZ sharemarket up 0.4% after a2 Milk surge

The S&P/NZX 50 Index closed at 12,266.25, gaining 57.2 points or 0.47%.

Graham Skellern 14 Mar 2025
Markets

Goldman Sachs downgrades Fletcher Building to sell

Goldman Sach analysts have a 12-month target price of A$2.85 ($3.14).

Rebecca Howard 14 Mar 2025
Goldman Sachs downgrades Fletcher Building to sell
Primary Sector

Rayonier exits NZ with $1.2b forestry sale

An investment firm bought the stake, which included 116,145 hectares of forestry.

John Anthony 14 Mar 2025
Rayonier exits NZ with $1.2b forestry sale