Heartland New Zealand expects to almost triple its full year profit, thanks to the purchase of PGG Wrightson's finance arm.
Heartland was established earlier this year through the merger of CBS Canterbury, Southern Cross Building Society and Marac Finance. PGG Wrightson Finance was purchased in August.
The listed lender now expects to report a full year profit of between $20 - $22 million in the year to the end of June, compared with $7.1 million last year.
It says the integration of PGG Wrightson Finance is going well and there is a strong pipeline of new lending opportunities.
The lender expects profit and lending to continue to grow in the second half of the year, driven by growth in its rural loan book.
Half year profit is expected to be between $9 - $10 million.
