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Heartland posts profit lift

New Zealand’s newest bank has posted a 9.2% lift in first-half profit, to $10.7 million for the six months ended December 31.

Monday, February 25th 2013, 11:56AM

Heartland New Zealand, which registered as a bank in December, put the lift down to increased earnings from lending to the retail, business and rural sector.

Net operating income rose 15% to $51.8 million – reflecting the acquisition of PGG Wrightson Finance and lower wholesale rates.

Impaired, restructured and loans overdue for more than 90 days were $80.2 million at the end of December 31, down from $90.5 million a year earlier. The bank said that reflected the non-core property book, consisting of $87.9 million of receivables and $55.3 million of investment properties.

At the same time, operating expenses fell 10% to $31.9 million.

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Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.69 6.19 6.55
AMP Home Loans $200k+ 7.14 5.59 6.09 6.45
AMP Home Loans LVR <80% - - 5.75 6.09
ANZ 6.74 ▼6.09 ▼6.19 ▼6.39
ANZ Special - ▼5.59 5.75 ▼5.99
ASB Bank 6.75 5.99 6.19 6.39
ASB Bank Special - ▼5.59 5.75 ▼5.85
BankDirect 6.75 5.99 6.19 6.39
BankDirect Special - ▼5.59 5.75 ▼5.85
BNZ - Classic - 5.69 5.75 -
BNZ - GlobalPlus 6.74 5.89 6.19 5.85
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.19 5.85
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 6.05 6.20 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
Lender Flt 1yr 2yr 3yr
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.69 5.74 5.99
HBS Special - 5.59 5.49 5.69
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.50 -
Housing NZ Corp 6.74 5.99 6.39 6.59
HSBC Premier 6.84 5.69 5.75 5.99
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.39 - -
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.69 6.19 6.55
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.75 5.89
Liberty - - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
Resimac 6.59 6.10 6.28 6.43
SBS Bank 6.65 5.69 5.74 5.99
SBS Bank Special - 5.59 5.49 5.69
Lender Flt 1yr 2yr 3yr
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.19 6.39
Sovereign Special - ▼5.59 5.75 ▼5.85
The Co-operative Bank 6.70 ▼5.69 5.75 ▼5.99
TSB Bank 6.74 5.95 6.19 6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - - 5.99
Median 6.70 5.99 6.19 6.34

Last updated: 28 November 2014 6:53pm

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