Heartland Bank has released its 2017 annual review displaying a strong result for the bank across the board, and in motor vehicle finance.
Heartland’s net profit after tax is up 12 per cent on 2016. The bank says that their focus on niche products, coupled with distribution channels that extend customer reach, has delivered the healthy financial result.
The bank also saw growth of 14 per cent across all service divisions, and an increase in retail deposits of 13 per cent. Total shareholder return totalled 60.9 per cent.
Net operating income from the bank’s consumer division which includes motor vehicle loans, increased $1.9m, up 3 per cent from 2016 to $57.2m. Despite this, lower earning rates on motor vehicle and personal loans meant this increase was not reflected in net operating incomes.
Motor vehicle net receivables grew strongly, increasing by $72.0m, up 10 per cent to $824.3m during 2017.
Darryl Harnett is head of Heartland’s consumer division, and says that his bank’s approach is to make motor vehicle finance easy.
“We’re helping to get Kiwi families on the road. We have a significant nationwide distribution network of dealers and partners who help us to be in the right place at the right time to ultimately reach more Kiwis.”