Pyne Gould Corporation has returned to profit, largely due to an improved performance at its finance arm.
The South Island based lender and fund manager made $22 million in the year to the end of June.
That compares with a loss of more than $54 million in 2009, which included significant writedowns.
Managing director Jeff Greenslade says the company's finance arm, Marac, contributed more than $14 million to the total profit.
Pyne Gould has not declared a dividend, but is reviewing its dividend policy, and will update shareholders in late October.
