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Heartland Group Holdings Limited (NZX: HGH) Announces Full Year NPAT of $87.0 Million

Tuesday 24th August 2021

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Heartland Group Holdings Limited is pleased to announce a net profit after tax (NPAT) of $87.0 million for the financial year ended 30 June 2021 (FY2021), an increase of $15.1 million (20.9%) compared with the financial year ended 30 June 2020 (FY2020). On an underlying basis, FY2021 NPAT was $87.9 million, an increase of $11.0 million (14.3%) compared with the FY2020 underlying NPAT

Final dividend

Heartland is pleased to declare a FY2021 final dividend of 7.0 cps, up 4.5 cps from FY2020 due to the easing of restrictions imposed by the RBNZ on distributions by banks in New Zealand. The dividend yield of 7.1% compares with 8.2% in FY2020.

The final dividend will be paid on Wednesday 15 September 2021 (Payment Date) to shareholders on the company’s register as at 5.00pm on Wednesday 1 September 2021 (Record Date) and will be fully imputed.

Heartland has a Dividend Reinvestment Plan (DRP), giving eligible shareholders the opportunity to reinvest some or all of their dividend payments into new ordinary shares. The DRP will apply to the final dividend with a 2.0% discount. The DRP offer document and participation form is available on Heartland’s shareholder website at shareholders.heartland.co.nz/shareholder-resources/dividends.

Looking forward

The second half of FY2021 saw growth exceed expectations. Initial anticipation was for this momentum to continue into the financial year ending 30 June 2022 (FY2022). However, the duration of the current lockdown may impact on this. Higher growth in Reverse Mortgages, Home Loans and the transition of Harmoney to an on-balance sheet model will result in NIM contracting. However this will also drive an offsetting benefit of reduced impairment expenses, reflecting improved quality of the lending portfolio. The CTI ratio trend downwards as a result of ongoing digitalisation and automation is expected to continue.

FY2022 will see Heartland continuing to extend its best or only product reach through its digital platforms. At the same time, frictionless service at each stage of the journey will provide better customer experience.

Noting uncertainties associated with the ongoing impacts of COVID-19, Heartland expects its NPAT for FY2022 to be in the range of $93 million to $96 million.

Please see the links below for details

Heartland NZX Results Announcement Template

Heartland Group Holdings Financial Statements

Heartland Distribution Notice

Heartland Bank Disclosure Statement

Heartland ASX Listing Rule 1.15.3 Statement

Heartland Release FY21 Results

Heartland Investor Presentation

Source: Heartland Group Holdings Limited



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