The bank has also announced a capital raising under a pro-rata rights issue
Heartland Bank has announced an unaudited net profit after tax of $16 million for the three months ended in September, an increase of 12% from the same period a year ago.
Heartland said results were driven by continued growth in net finance receivables across all divisions. Its finance receivables grew $138 million to $3,684 million, which equates to 16% annualised growth (4% growth for the three-month period).
The bank said it expects underlying asset growth to continue during the remainder of the 2018 financial year, and is pleased to reaffirm its forecast range for NPAT for the 2018 financial year of $65million to $68million.
Heartland also announced a capital raising that will provide eligible shareholders an opportunity to participate in a pro-rata 1 for 15 rights issues at $1.70 per share. It is seeking to raise up to $59 million of new equity.
The rights issue is open to New Zealand and Australian shareholders, as well as institutional shareholders in Hong Kong, Singapore, the United Kingdom and Norway from November. 23 to December. 8.
Heartland said the rights will not be tradable on the NZX Main Board. Instead, any rights not exercised, including those attributable to ineligible shareholders, will be sold under a shortfall bookbuild conducted by the Lead Manager, First NZ Capital Securities Limited, after the offer has closed.
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Heartland said results were driven by continued growth in net finance receivables across all divisions. Its finance receivables grew $138 million to $3,684 million, which equates to 16% annualised growth (4% growth for the three-month period).
The bank said it expects underlying asset growth to continue during the remainder of the 2018 financial year, and is pleased to reaffirm its forecast range for NPAT for the 2018 financial year of $65million to $68million.
Heartland also announced a capital raising that will provide eligible shareholders an opportunity to participate in a pro-rata 1 for 15 rights issues at $1.70 per share. It is seeking to raise up to $59 million of new equity.
The rights issue is open to New Zealand and Australian shareholders, as well as institutional shareholders in Hong Kong, Singapore, the United Kingdom and Norway from November. 23 to December. 8.
Heartland said the rights will not be tradable on the NZX Main Board. Instead, any rights not exercised, including those attributable to ineligible shareholders, will be sold under a shortfall bookbuild conducted by the Lead Manager, First NZ Capital Securities Limited, after the offer has closed.
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BNZ shares surge in earnings
TSB boss to retire
