Heartland first-half profit climbs 7% as Australian reverse mortgage outlook improves

Mon, 19 Feb 2018

By Paul McBeth Feb. 20 (BusinessDesk) - Heartland Bank boosted first-half profit 7 percent as an expanding loan book underpinned all lines of business and strong reverse mortgage growth in Australia whetted the bank's appetite to do more business across the Tasman. Net profit rose to $31.1 million, or 6 cents per share, in the six months ended Dec. 31 from $29.1 million, or 6 cents, a year earlier, the Auckland-based company said in a statement. Net operating income rose 13 percent to $93.9 million as net receivables gained 13 percent $3...

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