Heartland (ASX:HGH) NPAT up 7.2% YoY

Company News

by Katrina Bullock

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.