Heartland meets guidance with rebound in FY profit, sees lift in 2015

Sun, 24 Aug 2014

By Jonathan Underhill Aug. 25 (BusinessDesk) - Heartland New Zealand, the bank formed from the merger of Canterbury and Southern Cross building societies and Marac Finance, posted a rebound in profit that met its guidance this month and reiterated its projection for earnings growth in 2015. Profit was $36 million in the 12 months ended June 30, from $6.9 million a year earlier, when the company took a charge to take control of distressed assets previously managed by Pyne Gould Corp. Sales rose 14 percent to $122.6 million. Heartland ha...

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