Heartland lifts 1H profit 41% as reverse mortgage unit adds income

Sun, 22 Feb 2015

By Suze Metherell Feb. 23 (BusinessDesk) - Heartland New Zealand, the bank formed from the merger of Marac Finance with Southern Cross and Canterbury building societies, increased first-half profit 41 percent as it focused on niche products and its home equity release business came on stream. Profit rose to $23.5 million in the six months ended Dec. 31, from $16.7 million a year earlier, the Christchurch-based lender said in a statement. Sales increased 19 percent to $70.3 million. The board declared an interim dividend of 3 cents per sha...

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