Heartland Bank is reporting a net profit after tax of $67.5 million for its latest financial year results.
The bank, which offers deals in heavy commercial vehicle and equipment finance, saw an 11% increase in profit for the year to June 30
Net operating income was up 15% to $196.8m.
Profit was driven by $4 billion in underlying net finance receivables, an increase of 12% compared to the previous financial year.
A final dividend of 5.5 cents per share was paid to shareholders with a full year dividend of 9 cents per share.
Other highlights saw 39% growth in Australian operations to $721m with motor vehicle finance making up 24% of the market.
A new truck finance scheme was also launched by Heartland Bank and Hino Distributors NZ with the new online platform Hino Finance.
Overall, vehicle finance made up $955m of the annual result. This is up 16% compared to the previous year.
Heartland board chairman Geoffrey Ricketts says the results highlight another “successful year” for the bank.
“The board is confident in Heartland’s ability to continue achieving strong growth and profitability. Heartland expects its net profit after tax for the year ending 30 June 2019 to be in the range of $75 million to $77 million.
“The potential for acquisitions remains a part of Heartland’s strategy, both in New Zealand and Australia. Heartland will pursue acquisitions which align with its strategy, are value accretive, and which deliver access to innovation, distribution capability or alignment with Heartland’s core products and competencies,” Ricketts says.
