Heartland delivers on profit promise
The result is in the middle of the company's $6 million to $8 million guidance and includes $6.8 million in costs from the three-way merger which created the company.
Its retail deposit book, the mainstay of its funding, was stable at $1.6 billion with more than half its investors having moved to non-guaranteed deposits or to terms beyond the December 31 expiry of the government's retail deposit guarantee scheme.
Heartland says 95% of new funds and 79% of reinvestments are currently electing non-guaranteed deposits or terms beyond the December 31 expiry of the government's retail deposit guarantee scheme.
Nevertheless, Heartland is maintaining high liquidity levels to ensure a smooth transition beyond the guarantee. It had $547 million of liquid funds at June 30 and says this has increased to $634 million, made up of $254 million cash, $200 committed but undrawn bank facilities and $180 million of unutilised securitisation facilities.
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