Heartland New Zealand's loan book has increased following its acquisition of PGG Wrightson Finance, but outside of that, growth was minimal as farmers repaid debt.
After tax profit more than tripled to $23.6 million in the year to June, compared with $7.1 million last year.
The company, which was established last year, increased its borrowings by 5.5% to $1.9 billion, partly due to the obligations of deposits from buying PGG Wrightson.
The aquisition of the finance company, which represents 10 months in Heartland's results, bolstered its loan book by 23% to $2.1 billion.
Chief executive Jeff Greenslade said buying PGG Wrightson boosted Heartland's core rural business.
He also said Heartland has completed certain necessary steps to become registered as a bank and the formal determination has now begun.