Instant Finance says it's OK
Instant Finance says it has doubled its profit, achieving a net surplus after tax of $3.8 million for the year to March 31.
Tuesday, July 15th 2008, 6:19AM
It reported a $1.9 million profit for the previous comparable period.
Instant Finance chief executive Richard de Lautour says the firm has maintained its reputation for prudence and sound governance in a difficult market.
"I am satisfied with the result, given the challenging environment in which the company has been operating," he says.
The full year result was underpinned by strong first half lending activity and although this was pruned back to preserve liquidity as the year progressed, it remained very much business as usual.
A reduction in impaired asset expense was also a contributing factor in the overall result.
Instant Finance is a consumer lending business with shareholders equity of $17.4 million representing 20.9 % of total assets. Loan receivables were down from $66.8 million to $65 million at balance date.
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