One of the country's newest banks has lifted its half year profit, attributing the rise to its acquisition of a finance business and lower funding costs.
Heartland New Zealand made $10.7 million in the six months to December, an increase of 9% compared with the same period the previous year when it also benefited from a tax payment.
Net lending income fell to $2 billion, with a decline in its mortgage book offsetting growth in its rural, business and consumer business.
The company was established through the merger of CBS Canterbury, Southern Cross Building Society and Marac Finance 2012 and became a registered bank in December.
Heartland will pay an interim dividend of 2 cents per share.