24 Jun 2013

UDC Finance profit by a quarter

1:37 pm on 24 June 2013

ANZ Bank's finance company, UDC Finance, says its net profit rose 27% in the six months ended March.

Net profit rose to $23.8 million in the six months compared with $18.7 million in the same period last year.

Chief executive Tessa Price says the result was driven by strong growth in revenue, as bad loans dropped 29% and new lending grew 5%.