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Heartland CFO resigns, Q3 earnings accelerate

Tuesday 10th April 2012

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Heartland New Zealand’s chief financial officer Sean Kam has resigned after a whirlwind two-and-a-half years that saw the recapitalisation of Marac Finance and its merger with the Canterbury and Southern Cross Building Societies.

The lender’s CFO will leave on June 21, and the company has tapped a recruitment agency to find his replacement, the company said in a statement. Kam said his skills are as a “transformational CFO” and now the significant change at Heartland has been completed it is time for him to move on.

Separately, the would-be bank reported third-quarter operating earnings of $5.3 million, with reduced costs from the expiry of the government’s retail deposit guarantee widening the lender’s margins.

Heartland’s operating profit was $8.9 million in the nine months ended March 31, with net profit of $15.1 million, which includes a one-off deferred tax benefit.

The lender’s loan book increased to $2.093 billion from $2.075 billion at the start of the quarter with growth in its business division.

The shares fell 4 percent to 48 cents in trading today, valuing the lender at $186.6 million.


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