New Zealand finance companies and other non-bank lenders have seen a rise in net profit after tax
New Zealand’s non-bank lenders have shown a continuous strong asset growth for the financial year 2017.
According to the latest KPMG’s non-bank financial institutions performance survey (FIPS), New Zealand finance companies and other non-bank lenders have seen a rise in net profit after tax (NPAT) of 10.2% to $216.67 million. The sector also gained a 12.19% boost in total assets over the year, taking the total to $10.96 billion.
Non-bank mortgage lenders First Mortgage Trust and Avanti Finance are two of the top thee performers in terms of dollar-value increases, with increases of $6.05 million to $22.72 million and $2.89 million to $14.12 million respectively.
For the second consecutive year, both mortgage lenders have registered the largest growth in interest-earning assets contributing to an increase of $60.8.24 million – alongside UDC Finance.
Avanti Finance and First Mortgage Trust also stood out with the highest growth in their loan books, with 62.37% and 48.63% growth respectively.
FSF executive director Lyn McMorran said the survey’s results reflected continued reports from members of excellent levels of lending growth and low arrears.
McMorram said the sector’s robust performance is reflected in the continued growth of FSF membership.
“As an industry body, the FSF has continued to grow, with the right kind of responsible lenders and affiliated organisations still showing interest in being a member, so we are now at nearly sixty members overall,” she said.
However, the increase in growth was primarily driven by the industry’s vehicle finance companies. FSF surveyed 25 members and Branded Financial Services, Nissan Financial Services and Geneva Finance Limited came out as top performers of the year.
“Our monthly MotorFax publication for members, which tracks all new and used imported motor vehicle registrations (including commercial), changes of ownership, securities registered etc. right back to 2007 would also reflect this,” McMorran said.
The FSF is New Zealand’s largest industry organisation representing responsible, non-bank financial institutions.
Related stories:
Fixed mortgage rates drive market pickup
FSF code to protect consumers
According to the latest KPMG’s non-bank financial institutions performance survey (FIPS), New Zealand finance companies and other non-bank lenders have seen a rise in net profit after tax (NPAT) of 10.2% to $216.67 million. The sector also gained a 12.19% boost in total assets over the year, taking the total to $10.96 billion.
Non-bank mortgage lenders First Mortgage Trust and Avanti Finance are two of the top thee performers in terms of dollar-value increases, with increases of $6.05 million to $22.72 million and $2.89 million to $14.12 million respectively.
For the second consecutive year, both mortgage lenders have registered the largest growth in interest-earning assets contributing to an increase of $60.8.24 million – alongside UDC Finance.
Avanti Finance and First Mortgage Trust also stood out with the highest growth in their loan books, with 62.37% and 48.63% growth respectively.
FSF executive director Lyn McMorran said the survey’s results reflected continued reports from members of excellent levels of lending growth and low arrears.
McMorram said the sector’s robust performance is reflected in the continued growth of FSF membership.
“As an industry body, the FSF has continued to grow, with the right kind of responsible lenders and affiliated organisations still showing interest in being a member, so we are now at nearly sixty members overall,” she said.
However, the increase in growth was primarily driven by the industry’s vehicle finance companies. FSF surveyed 25 members and Branded Financial Services, Nissan Financial Services and Geneva Finance Limited came out as top performers of the year.
“Our monthly MotorFax publication for members, which tracks all new and used imported motor vehicle registrations (including commercial), changes of ownership, securities registered etc. right back to 2007 would also reflect this,” McMorran said.
The FSF is New Zealand’s largest industry organisation representing responsible, non-bank financial institutions.
Related stories:
Fixed mortgage rates drive market pickup
FSF code to protect consumers
