MTF ‘building momentum’
MTF Finance reported a year of growth and a strong first five months of the current financial year at its annual shareholders’ meeting.
Chris Lamers, chief executive officer, says: “It has been a challenging year for many Kiwis, from rising living costs to unexpected and catastrophic weather events.
“Despite this turbulence, we’ve seen our new customers grow by six per cent and market share in our core business of vehicle loans grow from 10-16 per cent.
“Our new personal-lending product has helped MTF Finance pick up a 4.6 per cent share of the large personal-lending market.”
New business partnerships with AMI, Tower Insurance and the Motor Trade Association have helped MTF Finance reach new customer segments to provide a wider range of products, complementing its continued joint ventures with Autosure and Trade Me.
At the annual meeting on March 22, shareholders re-elected incumbent director and deputy chairman Stu Myles for a second term as director.
Mark Darrow, chairman of the board, says: “The MTF Finance board, management and staff would like to congratulate Stu on his re-election, and looks forward to continuing to work together to progress the future strategy and direction of the company.”
“Our business is building momentum,” adds Lamers. “We recently secured a market-leading capital issuance of $280 million to help fund growth. This has allowed us to grow receivables this financial year at an annualised rate of 28 per cent to $864m as of March.”
He says to help continue improving business performance into 2023 the company has retained key talent and recently hired a new chief technology officer, chief commercial officer and head of credit, and appointed a deputy CEO.
