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Heartland flags profit at top end of guidance
Heartland flags profit at top end of guidance
By Suze Metherell
May 21 (BusinessDesk) - Heartland New
Zealand, the bank formed through the merger of Canterbury
and Southern Cross building societies with Marac Finance,
says it expects full year profit to be at the upper end of
its guidance range.
The Christchurch-based lender expects profit to be at the top end of its range of $46 million to $48 million in the 12 months ending June 30, 2015, compared to profit of $36 million in the 2014 year, it said in a statement.
Unaudited net profit for the company's
Heartland Bank unit was $30.9 million for the nine months
ended 31 March, 2015, compared with net profit for Heartland
NZ of $36.1 million, primarily due to the portion of
Heartland’s reverse mortgage book that is held outside
Heartland Bank, it said.
The lender is targeting
expansion through niche markets, particularly in the
consumer finance sector. Last year it bought the reverse
mortgage business from Seniors Money and it has also taken a
10 percent stake in peer-to-peer lender Harmoney Corp for
$3.5 million to accelerate growth. The lender estimates its
stake in Harmoney is now worth $5 million. Some $17 million
has been lent through the online platform.
Shares of
Heartland were unchanged at $1.29 and have gained 14 percent
since the start of the year.
(BusinessDesk)
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