Heartland Bank posts record profit of $95m, raising $200m

Heartland Bank is in the early stages of getting consent from the RBNZ to apply for a banking licence in Australia. (Image: Heartland)

Riley Kennedy

Tue, 23 Aug 2022

Heartland Bank has announced it's undertaking a $200 million equity raise to help retire debt used to fund its recent Australian acquisition, and fund growth for its business.The dual-listed bank released its full-year results to June 30 today, posting a record net profit of $95.1m.It will be raising the equity through a $130m fully underwritten placement and a $70m non-underwritten share purchase plan in New Zealand and Australia.Roughly $158m would be used to repay the finance facility outstanding for the acquisition of the Australian liv...

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