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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)

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