ANZ Bank’s UDC Finance unit lifts profit by 31% on lending growth

UDC Finance, the finance company subsidiary of Australia & New Zealand Banking Group, says full-year profit rose 31 percent on increased lending.

Profit increased to $37.9 million in the 12 months ended September 30 from $28.9 million a year earlier. Revenue grew 15.3 percent, it says in a statement.

UDC's lending book rose 3.5 percent to over $2 billion and new lending rose 7.5 percent. Its full results have not yet been released to the Companies Office.

"These results also reflect new signs of confidence in the economy with businesses showing a readiness to invest in vehicles, plant and equipment," chief executive Tessa Price says.

UDC ranked second to GE Capital by total assets in 2011, according to KPMG's Financial Institutions Performance Survey. Net loans and advances were $1.97 billion at UDC, which just pipped GE Capital.

(BusinessDesk)

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7974 0.0009 0.11%
AUD 0.9065 -0.0015 -0.17%
EUR 0.6276 0.0011 0.18%
GBP 0.4967 0.0024 0.49%
HKD 6.1856 0.0075 0.12%
JPY 85.2850 0.0460 0.05%

Commods

Commodity Price Change Time
Gold Index 1248.5 4.340 2014-10-21T00:
Oil Brent 86.2 0.820 2014-10-21T00:
Oil Nymex 82.5 -0.260 2014-10-21T00:
Silver Index 17.5 0.190 2014-10-21T00:

Indices

Symbol Open High Last %
NZX 50 5233.1 5284.3 5233.1 0.89%
NASDAQ 4359.2 4419.5 4316.1 2.40%
DAX 8934.5 8957.2 8887.0 0.30%
DJI 16406.0 16620.8 16399.7 1.31%
FTSE 6372.3 6385.5 6372.3 0.18%
HKSE 23300.5 23460.8 23088.6 1.37%
NI225 15038.2 15195.8 14804.3 2.64%