Heartland Group reports $95.9m net profit

Heartland Group Holdings has announced a net profit after tax (NPAT) of $95.9 million for the financial year ended June 30, 2023.

On an underlying basis, the NPAT was $110.2 million, representing a 0.8% increase compared to the previous year.

The company's gross finance receivables increased by 10.1% to $6.8 billion.

However, the underlying return on equity (ROE) decreased by 68 basis points and the net interest margin (NIM) decreased by 8 basis points.

Heartland also raised $199 million through an equity raise and completed the integration of StockCo Australia into its operations.

The company is nearing completion of the upgrade of its core banking system.

Heartland Bank was awarded Canstar New Zealand's Bank of the Year - Savings award for the sixth consecutive year.