4 Nov 2013

Heartland makes $8.5m after tax profit of

8:43 am on 4 November 2013

Heartland New Zealand says it made an after tax profit of $8.5 million in the first quarter of this financial year.

Speaking at the bank's annual shareholders' meeting, chief executive Jeff Greenslade reaffirmed that the bank expects to post a full year profit of $34 million - $37 million.

Achieving the forecast depends on the bank continuing to reduce its cost of funds and improving its charges against profit for bad debts.