Profit for UDC

UDC Finance has posted a record net profit after tax of $58.5 million for the year to September 30, 2016. This is a three per cent increase on the previous financial year. A key contributor to the result was strong lending growth across a diverse range of industries, improved credit quality and a focus on containing costs. “During 2016 UDC helped customers throughout New Zealand - particularly in the motor vehicles, forestry, transport and construction sectors – take advantage of sustained economic growth and strong business opportunities," said Wayne Percival, UDC’s CEO. “The housing and infrastructure build across New Zealand, along with record new car sales, created robust demand for our asset financing expertise, and drove the good result for our business. “Strong competition among banks for quality lending and deposits put pressure on margins. However, that is now stabilising and with good lending growth we are well positioned heading into the new financial year.”