ANZ Bank’s UDC Finance unit lifts FY profit by 31%

Dec. 13 (BusinessDesk) – 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)

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.