Motor Trade Finance hasbooked a decline in full-year
after-tax profit, down 17% to $4.6 million, but has otherwise
clawed back new loan sales to $288 million, from a low of
$267 million in 2010.
Shares in MTF were unchanged after the announcement, at 56c.
MTF managing director Angus Bradshaw said sales hit a low
point in 2010 of $267 million in new loans, was "marginally
better" in 2011, and for the 2012 year was up 7% at $288
"Market share, as measured by security registrations, has
remained above 12% since December 2011, on an upwards trend,"
Capital at September 30 stood at 17.5% of total assets, or
$71.4 million, which is sufficient to underpin projected
growth over the near term, he said.
"In spite of the problems of recent years, and the economic
uncertainty that still exists globally, MTF has continued to
prosper and the accelerated investment of the last 12 months
provides a solid platform for the future."
Mr Bradshaw said he expected demand for cars, and credit to
finance cars, to remain "soft", but MTF would still be there
to take a greater market share.
While bad debt which had to be written off totalled $1.4
million, compared to $1 million the previous year, collection
of arrears continued to improve; from 1.85% in 31 or more
days in arrears to 0.60% for 2012.