Heartland Bank profit rises 13% in Sept. quarter as interest income increases

Mon, 24 Nov 2014

Nov. 25 (BusinessDesk) - Heartland Bank, the banking subsidiary of NZX-listed Heartland New Zealand, reported a 13 percent increase in profit in the three months to Sept. 30 on an increase in interest income while borrowing costs fell. Profit was $9.8 million in the latest quarter, from 8.67 million a year earlier, according to the lender's disclosure statement. Interest income rose to $52 million from$50.6 million, while interest expenses fell to $23 million from about $26 million. Net profit for Heartland New Zealand was $11 million, i...

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