UDC Finance delivers a strong result under new ownership
17 May 2021
Highlights for the three-months ending December 2020:
- Net profit after tax of $21.7 million
- Revenue of $41.2 million
- Total lending of $421 million
UDC Finance Limited posted a net profit after-tax of $21.7 million for the three-month period to December 2020 (1 October 2020 to 31 December 2020).
Following the sale of UDC Finance to Shinsei Bank the Balance Date for UDC was changed from 30 September to 31 December to more closely align to the financial year of Shinsei Bank.
There was a strong rebound in lending activity during the last quarter of the year as the post-Covid recovery continued. During the period UDC wrote back $780,000 of impairment charges which are no longer forecast to be required.
“Covid-19 made 2020 an uncertain year, but despite these challenges UDC had a strong period to December. This result reflects our focus on supporting customers, credit quality, prudent cost management as well as the resilience many of the industries we lend to showed throughout the year,” UDC CEO Wayne Percival said.
“UDC has good momentum going into the 2021 financial year and will continue to focus on our core business of lending for motor vehicles, plant and machinery.
“Business confidence and other indicators of economic activity are looking positive for this year. However, the Covid-19 pandemic is still having an impact on global supply chains, across most of the industries we are involved in.”
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UDC Finance is a wholly owned subsidiary of Shinsei Bank Limited.