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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