Heartland NZ lifts 1H profit by 9.2 percent on improved retail, business and rural earnings

Sun, 24 Feb 2013

Feb. 25 (BusinessDesk) – Heartland New Zealand, which gained bank registration in December, posted a 9.2 percent gain in first-half profit on increased earnings from retail, business and rural lending and a reduction in costs. Profit rose to $10.7 million in the six months ended Dec. 31, from $9.8 million a year earlier, the Christchurch-based company said in a statement. Net operating income rose 15 percent to $51.8 million, while operating expenses fell 10 percent to $31.9 million. Growth in the net operating income mainly reflected the ac...

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