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Source: ONE News
Rural finance company PGG Wrightson Finance says it is in a strong position as it continues to grow its loan book and increase market share.
The company on Monday says its loan book has grown 14% from the same period last year to $513 million, driven mostly by an increase in inquiries from new and existing clients as other rural finance companies become less inclined to lend.
PPG Wrightson Finance's assets saw core net income increase 34% from $6.94 million to $9.3 million.
Including IFRS (international financial reporting standards) adjustments, net profit after tax increased by $2.09 million to $4.65 million.
The company says its performance reflects a high quality loan book with a low level of default.
Borrowers are mostly sheep and beef farmers (55%) and loans are primarily first land mortgages (74.4%).
