KEY POINTS:
Finance lender Dominion Finance Holdings Ltd has nearly doubled net profit after tax to $17.63 million for the year to the end of March.
Chairman Rick Bettle said the company had benefited from the acquisition of North South Finance Ltd (NSF), particularly through operational efficiencies.
Chief executive Paul Cropp said Dominion Finance Holdings had a cost to income ratio of 20 per cent and a return on equity above 38 per cent.
Lending inquiry remained good, there was no noticeable increase in accounts needing management, and the level of debenture stock investor re-investment and new investor numbers were above expectations, he said.
A fully imputed dividend of 8.48 cents per share was to be paid.
This year's net profit after tax (NPAT) compared with $8.96 million last year.
During the year to the end of March, Dominion Finance Holdings' total revenue was $70.2m, total assets increased 25 per cent to $484.71m from the previous year, equity increased 31 per cent to $52.1m and total liabilities increased 24 per cent to $432.6m .
Operating subsidiary Dominion Finance Group Ltd's NPAT was $12.86m, up 38 per cent from $9.32m a year earlier.
Total assets also increased 38 per cent to $314m, from $226.98m.
NSF, which Dominion bought on April 1, 2006, had NPAT up 124 per cent to $8.39m from $3.75m, while total assets were up 24 per cent to $139.68m from $112.92m.
Dominion shares were up 2c in early trade today to a record of $2.12, having been as low as $1.18 11 months ago.
- NZPA
