KEY POINTS:
Lower expenses from writing off bad loans helped personal loan provider Instant Finance virtually double its net profit for the year.
The company recorded a net profit after tax of $3.8 million for the year ended March 31, compared with $1.9 million the year before.
Chief financial controller Nick Donnelly said a major contributor had been a $2 million reduction in expenses from impaired assets, or costs associated with writing down bad debts.
Chief executive Richard de Lautour said he was "satisfied" with the result in the "challenging environment".
"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."
De Lautour said the company handled about 20,000 active loans, including some small business loans. It was not "unduly exposed" to loans secured over motor vehicles and had no exposure to the property market.
- NZPA
