February 20, 2017 / 7:53 PM / 5 months ago

BRIEF-Heartland Bank says HY NPAT of NZ$29.1 mln, up 14 pct

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Feb 21 (Reuters) - Heartland Bank Ltd

* Heartland posts half year profit of $29.1m

* Net profit after tax (npat) of $29.1m for half year ended 31 december 2016 ( current reporting period), an increase of 14%

* Increase in profitability was driven primarily by growth in receivables across all divisions – household, business and rural

* Earnings for the half year result in an roe of 11.6%, being an increase from 11.1% for the full year ended 30 june 2016.

* Heartland’s net interest margin (nim) for the current reporting period was 4.44% compared to 4.52% for the six months ending 30 june 2016

* Have resolved to pay an interim dividend of 3.5 cents per share

* Heartland expects underlying asset growth to continue for the second half of the financial year, with strong household, business and rural volumes projected

* Currently in process of finalising offer of approximately a$15m of tier 2 regulatory capital to wholesale investors in australia

* Heartland expects its npat for the year ended 30 june 2017 to be at the upper end of the previously advised range of $57.0m to $60.0m

* All figures in nz$ Source text for Eikon: Further company coverage:

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