NZ Finance gains

New Zealand Finance said on Thursday its assets rose nearly 16 per cent to $230 million in the first quarter, and deposits were growing despite negative publicity over Bridgecorp.

NZ Finance said it had also increased its funding line with Westpac by $50 million to $200 million.

The company recorded its biggest collection of deposits during the quarter the week after Bridgecorp folded, chief executive John Callaghan said.

Callaghan said he expected the non-bank market to increasingly compete with banks as brokers turned away from banks.

- NZPA