Provincial Finance changes lending mix
Provincial Finance is diversifying into other forms of lending after doubling its interim after-tax profits.
Tuesday, November 23rd 2004, 9:25PM
Canterbury based finance company Provincial Finance says it is diversifying further into property and business lending after more than doubling its profits for the six months ending September 30.
Provincial’s operating profit before tax increased by 117% to $11.3 million on the same period last year when the profit before tax was $5.2 million.
Director David Lyall says future plans include increasing the company’s involvement in property and business lending. Demand for consumer finance, the area in which Provincial Finance now specialises, remains stable, he says.
Provincial Finance’s after tax profit for the six months to September 30, 2004, was $7.07 million on a turnover of $36.8 million. This compares with the after tax profit of $3.2 million on the turnover of $17.3 million in the corresponding six months last year.
“We are obviously very pleased at the company’s continued growth and optimistic about future increases. We are also confident about further investor support given our consistently strong results,” Lyall says.
Provincial Finance lends mainly second mortgages on homes and motor vehicle and rural finance.
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