Low interest rates spur 12% lift in Heartland annual profit, dividend up

Mon, 15 Aug 2016

By Paul McBeth Aug. 16 (BusinessDesk) - Heartland Bank boosted annual profit 12 percent and will pay a bigger dividend, widening margins as low interest rates enabled cheaper funding. Net profit rose to $54.2 million, or 11 cents per share, in the 12 months ended June 30, from $48.2 million, or 10 cents, a year earlier, the Auckland-based company said in a statement. That met the bank's guidance for profit of between $51 million to $55 million. Interest income rose 1.9 percent to $265.5 million while lending expanded 8.8 percent to $3.11...

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