Heartland does it tough, narrows profit forecast
The forecast is well up on the $7.1 million it reported for the year ended June this year, which included the costs of merging Marac Finance, CBS Canterbury and Southern Cross Building Society which created Heartland.
However, it is down from the $20 million to $24 million Heartland forecast in August.
The company, which aims to become a bank, says it expects first-half profit will be between $9 million and $10 million.
Heartland says while business and consumer lending growth has performed within expectations, rural lending has been slower, reflecting strong early grass growth which led to lower stock trading. It expects to make up some of the expected growth in the second half of the year.
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