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

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

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

UDC's lending book rose 3.5 percent to over $2 billion and new lending rose 7.5 percent, the company said. Its full results haven't 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," said chief executive Tessa Price.

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.co.nz

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