Heartland Group has reported a net profit after tax of $74.5 million for the financial year ended June 30 2024.
This represents a 4.9% shortfall to guidance.
However, on an underlying basis, net profit after tax was $102.7m.
Heartland achieved solid growth in gross finance receivables, which were up 6.4% from the previous financial year.
The company's FY2024 result was impacted by the deteriorating economic conditions in May and June 2024, leading to the emergence of additional provisions.
Heartland said the shortfall to guidance was largely due to the late increase of $10.1m of provisions in its asset finance, motor finance, and rural portfolios.
Despite the challenges, the company remains optimistic and expects further growth in the coming years.
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