Heartland announces half year NPAT of $47.5 million

Tue, 22 Feb 2022

Heartland Group Holdings Limited (Heartland) (NZX/ASX: HGH) has reported a net profit after tax (NPAT) of $47.5 million for the six months ended 31 December 2021 (1H2022).

This is an increase of $3.4 million (7.8%) compared with the six-month period ended 31 December 2020 (1H2021).

Impairments were up on 1H2021 (19 basis points (bps)) due to COVID-19 related extensions, but were largely successful as reflected in a ‘business as usual’ reported rate of 33 bps for 1H2022.

The first half performance included a pleasing annualised rate of growth in lending (13.9%), a reduction in the cost-to-income (CTI) ratio, and a 1H2022 interim dividend of 5.5 cents per share (cps), an increase of 1.5 cps from 1H2021.