Profits up for UDC Finance

UDC Finance has announced a first half-year net profit after tax of $32.7 million - an increase of 8 per cent on the same period from the previous financial year. 

Overall revenue was $66.3 million, an increase of 10 per cent.

This was driven by increased lending, off the back of an improving economy, a buoyant motor vehicle sector and people investing in plant and machinery. The result was achieved against a backdrop of tighter margins.

At 0.15 per cent of the portfolio, provision expenses remain low. The overall quality of the lending book remains strong and there were no individually significant write-offs in the period.