Heartland posts 1H profit in line with forecast, eyes future acquisitions for growth

Mon, 24 Feb 2014

By Tina Morrison Feb 25 (BusinessDesk) – Heartland New Zealand, which gained a banking licence just over a year ago, posted first-half profit growth in line with its forecast and said increased rivalry in business and rural lending was “challenging” though household lending growth looked strong. Christchurch-based Heartland said net profit rose 56 percent to $16.7 million in the six months ended Dec. 31, in line with its $16.5 million forecast. Profit lagged First NZ Capital’s $17.5 million estimate. Revenue rose 14 percent to $59.1 million....

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