"MTF has survived in a market where the actions of others have impacted unfavourably on its business, but where its business model has proved to be both durable and successful.
"We have been managing uncertainty, around the actions of others, since July 2007, and we expect that uncertainty will be a major challenge for at least another two years."
MTF reported a profit after tax of $2.84 million for the six months ended March, down nearly 30% on the $4.04 million reported in the previous corresponding period.
New loan sales decreased by 21% to $128.5 million as vehicle sales slowed.
Assets reduced by 21.1% to $480.6 million as a consequence of lower sales and withdrawing from operating the lease business.
Assets would continue to reduce as the operating lease book ended and new credit contracts were limited by a sluggish economy and internal constraints on new lending.
Net interest increased by 0.8% as margins improved.
Expenses, excluding bad debt, were down 5.8% despite higher costs related to additional regulatory requirements, Mr Bradshaw said.
Bad debt expense for the period arose from individual shareholder losses, not recoverable from the originating shareholder.
The company was pursuing the originating shareholders and borrowers for the full recovery.
Arrears rose above the benchmark for a period as a few shareholders struggled to manage lending that, in hindsight, was always risky and came under impossible pressure during the recession, Mr Bradshaw said.
MTF was managing shareholder ledgers totalling $9.3 million ($18 million in the previous corresponding period) where it believed MTF might be at risk.
As a result of MTF's experience in the recession, it had tightened its lending criteria with the primary focus on its traditional business of used motor vehicles.
That provided more than 80% of MTF's business and was less prone to loss.
On a positive note, the MTF Direct franchise continued to grow by the number of franchises and the volume of business generated.
Used car financing on a same store basis was approaching the levels experienced before 2007, and MTF was seeing some strength returning to the motorcycle business where it was a "significant player", he said.
New car financing was well down but recovering and MTF would continue to look at funding opportunities that enabled it to re-enter the lease market.
