MTF Finance has re-elected two of its directors for another term.
Grant Woolford, who has more than 30 years’ experience in the motorcycle industry, was confirmed for a third term and Geoff Kenny, who has a similar tenure in the motor vehicle and finance industries, a fifth term at this week’s annual meeting.
Reflecting on the "step-change" of the business over the 2023 financial year, chairman Mark Darrow said it was a "stellar" record result that had proven the strategic path for the business had been extremely successful for customers, originators and shareholders.
In November, MTF Finance reported an after-tax net profit of $11.6 million for the year ending September 30, up 38% on the previous year. It also achieved a record growth year with lending up 40% year on year to $846m, up from $607m in September 2022, while lending assets increased 32% to $1.010b.
"Reaching $1b in lending assets is a landmark result that provides important scale for MTF Finance and puts us near the top of non-bank lenders in New Zealand," he said.
Before the annual meeting, the board resolved to increase the current dividend reinvestment strike price for ordinary shares from $2.50 to $3.84.
Chief executive Chris Lamers said the company had invested more in new locally owned and operated branches and additional staff in communities over the past 12 months — "a very different approach from what the rest of the sector is doing".
MTF Finance had opened two community hubs with AMI Insurance, in Hornby and Mt Eden, added four branches and 10% additional frontline staff. It also launched home loan brokering which would be progressively rolled out across the network.
