Heartland cuts 2013 earnings guidance, taking distressed assets in-house, sees growth in 2014

Tue, 04 Jun 2013

June 5 (BusinessDesk) - Heartland New Zealand, which gained bank registration in December, has cut its earnings expectations after deciding to take the management of distressed assets in-house. It was more upbeat about growth in 2014. The Christchurch-based lender expects net profit of $7 million in the 12 months ending June 30 after taking an $18 million charge on writing down the value of loans and investments and to cover the risk of holding some of those assets over a longer timeframe, it said in a statement. Excluding the charge, profit...

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