Heartland Group shares drop 12% after company declares $49.6m impairment in NZ unit

The impairment is more than double the $23.9m recorded in the first half of 2024. (Image: NZME)

Tue, 18 Feb 2025

Heartland Group Holdings announced a $49.6 million impairment hit in the six months to Dec 31 as its New Zealand banking unit grapples with the economic downturn. On Tuesday, the lender told the NZ Exchange (NZX) it had moved to derisk and reposition some of the NZ bank's lending portfolios because of the tough environment.Shares fell 12% to 95 cents on early trading, reversing all the gains it had made so far this year.The impairment is more than double the $23.9m recorded in the first half of 2024. It is expected to affect...

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