General Capital Limited's latest results show assets rose to $51.2 million in the year to March. Pre-tax profit was $128,000, up from a loss of $458,000 in the year to March 2019.
Revenue rose to $2 million, an increase of 48%, it said.
General Capital is led by managing director Brent King. King orchestrated a backdoor NZX listing in 2018.
Despite the uplift, General Capital said growth in its finance receivables book and term deposit liabilities "was not as fast as was originally anticipated" in 2019, having a knock-on effect.
It said: "Whilst the balance sheet growth has been significant in the year ended 31 March 2020, due to delayed growth, the loan receivable book is $15.8m behind forecast as at 31 March 2020 and the term deposit liabilities are $5.9m behind forecast as at 31 March 2020."
General Capital said the "slower than anticipated growth and high proportion of cash and cash equivalents in the balance sheet" caused its net interest margin to be $1.1 million lower than forecast. This, combined with less revenue than forecast from General Capital's research and advisory division, "resulted in net profit after tax of approximately $1.2m behind forecast".
Nonetheless, General Capital said its "finance segment", General Finance, enjoyed "a very positive year", with year-on-year growth of 102% in loan receivables, and 178% in term deposit liability.
According to the firm, growth in the finance book drove a 71% year on year increase in net revenue, and 254% year on year increase in net profit for the division.