This was an increase of $1.1 million, or 2.4%, compared with a year earlier.
The underlying result was stronger, with NPAT going to $54.7 million, an increase of $7.6 million, or 16.2%.
The underlying results exclude events outside normal trading such as changes in equity values or the impact of derivatives.
These figures are for the group as a whole in New Zealand and Australia with no local breakdown.
The Heartland result was positive across several details including gross receivables and return on equity, though its interest margin slipped a little. And it is forecast to more than double its profit for the full 12 month period.
Heartland Group Holdings runs Heartland Bank in New Zealand and that bank plus other entities in Australia.
It is well known for its reverse mortgages, where it dominates the market.
It reported a big rise in new reverse mortgage business of 17.6% in the second half of last year compared with the first. It said there was a growing awareness of reverse mortgages as the cost of living was rising and the pipeline of incoming business was well above that of the previous corresponding period.
For the full year, Heartland made $32.5 million out of reverse mortgages on a Net Operating Income (NOI) basis.
That was an increase of one third over the previous year.
Heartland's reverse mortgages also boomed for its Australian business, with market share reaching 35.9%.
The company's New Zealand CEO, Leanne Lazarus, said there was a strong lead generation in the pipeline for reverse mortgages. In many cases, people booked up the entitlement to a reverse mortgage and only decided to access it when the need arose, sometimes after a few years.
They would do this depending on the state of the economy.
“We have noticed that the Reverse Mortgage market has remained subservient to economic conditions, and the cost of living is driving demand,” she said.
“Loan to Value ratios for new businesses are at 10% and at a portfolio level, 19%.”
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