Heartland's lifts 1H net profit 10.6%, keeps unused covid provision

Mon, 22 Feb 2021

Heartland Group lifted first-half net profit by 10.6% and expects its full-year result will come in at the upper end of guidance.The group, which includes the New Zealand-based bank and its Australian reverse mortgage business, reported a $44.million net profit for the six months ended December and kept its full-year guidance unchanged at $83m to $85m.While the company is keeping its $9.6m covid-19 provision for now, its bad loan costs charged against profit halved to $4.5m from $9m in the previous first half.Chief executive Jeff Greenslade sai...

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