The company, which is primarily in the business of used car finance, reported a profit after tax of $4.7 million in the six months ended March, up nearly 96% on the $2.4 million reported in the same period last year.
The profit before commission and other gains was $19 million, up from the $17.9 million in the previous corresponding period. Commission paid out to car dealer stakeholders increased to $14.2 million.
Operating expenses, including bad debt, were up 21%. Administration included legal fees incurred in defence of High Court proceedings brought by the Commerce Commission.
The court proceedings finished in November but the judgement had not been delivered at the date of the half-year report, Mr Bradshaw said.
Depreciation and amortisation had increased 48%, in line with expectations, as technology projects were brought into production.
Total assets grew by $12.4 million to $420.5 million in the six months. Financial receivables were up $11.4 million, on the back of steady sales.
The success of the franchise network had aided in the turnaround. Dealer finance was subdued but steady, he said.
Although there were some user refinements required with the new online loan loan origination system, MTF was satisfied the system provided the required regulatory and prudential controls, without compromising convenience and flexibility, he said.
For car dealer originators, a full suite of management reports was updated overnight and available online each day, Mr Bradshaw said.
Online origination provided an immediate answer, without a wait for ''head office'' approval. That which was beneficial to both customer and the loan originator.
Sales in the half-year had continued to grow steadily as the momentum from the last half of 2012 continued into this year.
Despite business and consumer confidence improving, pessimists continued to outnumber optimists. Until the level of confidence improved materially, the demand for credit was likely to remain subdued.
