New Zealand-registered bank, Heartland Group Holdings (ASX:HGH) has released its results for the financial year ended 30 June 2020.
Adjusted net profit after tax (NPAT) was $78.9 million, which is a 7.2 per cent increase year on year.
Excluded from this NPAT is an economic overlay of $9.6 million pre-tax which Heartland applied to its potential credit losses in response to the ongoing uncertainties relating to the Covid-19 pandemic.
Gross finance receivables grew strongly to $4.6 billion, up $215 million on the 2019 financial year result.
Heartland Group Holdings (ASX:HGH) last traded at $1.28.