So we are all happy with the result, and the ShareChat site heads up as below.
Go figure !
Heartland FY profit slides 71 percent to $6.9 mln on charges to take distressed assets in-house.
http://www.sharechat.co.nz/article/3...s-in-househtml
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So we are all happy with the result, and the ShareChat site heads up as below.
Go figure !
Heartland FY profit slides 71 percent to $6.9 mln on charges to take distressed assets in-house.
http://www.sharechat.co.nz/article/3...s-in-househtml
Yep...can't argue with that !
Just an "interesting" headline and focus on a great report.
Just typical of the business commentary we too often get in the media. The headlines far too often do not represent the issue they are reporting on, just like this headline tells us very little about the real contents of the announcement. They had the same headline in the NZ Herald. Just lazy media.
Now we come to the most important page of the results announcement, our once a year window into asset quality. Looks like the reporting format has been changed, which makes year on year comparisons difficult. However, I read the total of the Grade 6 'monitor' assets to have increased from $185.315m to $198.370m. This is not a very good position to be in. I note on that same table there is a provision for collectively impaired assets of $15.961m which is up from $8.032m in FY2012. But that provision increase is not enough to cover the accompanying increase in 'monitor' assets.
Meanwhile the sum of Grade 7,8 and 9 assets is now $67.313m down from $80.927m, which is a positive. Overall though 'problem assets' (sum of grade 6,7,8 and 9) have increased slightly. I will have to take some time to think through how all this relates to the overall equity position of HNZ. But I was hoping for a bigger improvement in the doubtful loan book than this. I don't think I will be putting any money into HNZ based on this debt book result alone.
SNOOPY
Yes.
All of the above is what I was getting at.
An outfit called businessdesk.co.nz seem to produce these articles
Appear on shah at as well as the NBR
Spose everybody shares the stuff around
The Herald had the same story and headline
Stuff at least had a fairfax reporter write something
. Heartland Bank profit takes a hit
http://www.stuff.co.nz/business/indu...it-takes-a-hit
Not doing themselves or their readers any favours.
Bernard Whimp and other low-ballers will love the headlines.
Stuff reporting of the last agm was also a disgrace.
Makes me realise just how important sharetrader is for us all to get a full and better understanding of Heartland.