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.
