Originally Posted by
percy
As expected a very stable strong result.
The surprise was the 31% growth in the Australian Reserve equity loan business.I think this explains the need to restructure Heartland, so they can continue to grow this business without NZ Reserve Bank capital ratio onstrainments.Will over time greatly improve ROC and ROE.
Also pleasing 12% growth in NZ RELs.I note the average size loan appears to be just $30,000,spread over 15000 clients.
Open for "business," "livestock" etc are gaining traction.
Increase in Harmoney lending still means HBL are being picky on what they lend on.
I also note Heartland are continuing to reduce their risk from large loans,and moving their lending to a greater number of smaller loans.
Motor vehicle lending is still strong.
A very good outlook with continuing strong organic growth,while still driving down costs.
Thank you Heartland.Well done.