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Heartland lifts quarterly earnings

NZ Newswire logoNZ Newswire 16/11/2016 Jonathan Underhill

Heartland Bank has reported a 21 per cent increase in quarterly profit and affirmed its guidance for 2017 earnings to rise as much as 11 per cent.

Profit was $14.3 million in the three months ended September 30 from $11.8m a year earlier, the lender's disclosure statement shows.

Heartland affirmed the guidance for 2017 profit of $57m-$60m that it gave with its 2016 results in August, which showed a 12 per cent gain in profit as it wrote more loans and was able to benefit from cheaper funding, widening its margins.

Last month Fitch Ratings affirmed the bank's credit rating at BBB with a stable outlook, noting it had "a higher risk appetite relative to its peers" but that in the niche markets it targets, it "benefits from price-setting powers".

Heartland's shares rose 1.3 per cent to $1.54 and have gained 15 per cent this year.

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