Heartland New Zealand's aquisition of PGG Wrightson has bolstered its loan book, despite subdued growth in lending as farmers pay down debt.
The would-be bank's after-tax profit more than tripled to $23.6 million in the year to June, compared with $7.1 million last year.
Heartland's chief executive, Jeff Greenslade, says buying PGG Wrightson has given it a greater presence in the rural sector.
