Heartland Group reaffirms target profit of NZ$102M
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- Heartland Group released a trading update showing first-quarter net operating income of NZ$93.4 million.
- The company's shares traded unchanged at $1.03 following the update.
- Strong growth in reverse mortgages supported overall performance while broader loan demand remained subdued.
Heartland Group (ASX:HGH) reported first-quarter net profit after tax of NZ$24.5 million as management confirmed full-year profit targets.
The underlying net profit excluding transaction costs reached NZ$25.5 million for the quarter ended Sept. 30.
The lender reported an average net interest margin of 3.92% alongside a cost-to-income ratio of 54.7% for the period.
Following the announcement, the Heartland Group Holdings Limited share price was unchanged at $1.25.
The company remains on track to deliver full-year return on equity of at least 7.5% and net profit after tax of at least NZ$102 million.
Heartland Group continues to progress its proposed acquisition of TSB Bank with completion targeted for December 2026.
