For the record.
Chris Lee's HBL's comments has been "on the money" for about 5 years.
An excellent record.
So worth taking what he says about Heartland Bank seriously.I do.
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Naturally, its too early to force an impairment for next weeks result, all the banks say as expected or no losses currently on updates..standard fare as you would expect:-) No one should be expecting anything reflected in results for a few months yet, unless a material client falls over. One would hope all fear is price in. Might take a punt on an upswing based on next weeks result.
It's also looking more and more likely interest rates will drop again which will assist the farmers.
With the recent demise of larger banks SP, be careful of a big sell into any positive news from HBL, the prelim sell has already happened. It has hardly begun to experience the ebb and flow of the banking sector, which is hurting in current climes. Jmo.
BAA
One more sleep.
Good news from ABC news today. So far this reporting season Aussie banks haven't been increasing their bad debt provisions. Those bankers are not stupid probably realise they overdid it a tad.....posted here because I think it is relevant.
Still waiting for today's announcement of the half-year result. The chief bean counter at HBL must be rattling away on his abacus trying to find a few more dollars before 10am!
Achievements for half year: - Increase in profitability - Strong growth in core receivables - Return on equity (ROE) of 10.6% - Amalgamation of Heartland New Zealand Limited and Heartland Bank Limited - Announcement of a 16% increase in interim dividend to 3.5c per share
No upgrade to FY16 guidance