Heartland Group lifts annual profit 9% on reverse mortage and other lending growth
Net profit for the 12 months ended June 30 rose to $73.6 million from $67.5 million the previous year.
Lending growth overall rose 10.7 percent, or by 424.8 million, before foreign exchange adjustments with Australian reverse mortgages rising 24 percent, or by $163 million, New Zealand reverse mortgages up 11.4 percent, or by $52 million, and motor lending up 13.3 percent, or by $127.6 million.
Return on equity was unchanged from the 2018 financial year at 11.1 percent but rose from 10.3 percent in the first half to 12.2 percent in the second half.
Net interest margin eased to 4.33 percent from 4.42 percent, reflecting the strong growth in lower margin reverse mortgages.
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