South Canterbury Finance boosts profit by 28pc

Privately owned finance company South Canterbury Finance has boosted its annual pre-tax profit by 28 per cent, and said yesterday it was on the lookout to expand.

The 80-year-old company's diversified loan book and low levels of bad debts - less than 0.5 per cent of total advances - helped produce the third consecutive record profit, of $38.7 million, chief executive Lachie McLeod said. After-tax profit rose 17 per cent to $26.1 million.

Group assets increased by 26 per cent to $1.3 billion, including $1.0 billion in loans.

The loan book includes 32 per cent business and commercial, 20 per cent property, 19 per cent plant and equipment and 14 per cent personal.