Heartland Bank produced a 6.5 per cent lift in its first-half net profit but said one-off costs would mean a slight decline in its previously-advised guidance for the full year.
The bank said its net profit for the six months to December 31 came to $33.1 million, driven by an annualised 11.9 per cent lift in its gross finance receivables to $240.7 million.
Heartland said its underlying balance sheet growth supported an annual result in line with the original forecast in the range of a net profit of $75m to $77m, but that it was now looking at $73m to $75m.
It said one-off costs incurred in relation to the corporate restructure, its ASX listing, and the higher-than-anticipated impact of the accounting standard IFRS9, have caused some pressure on earnings.
"Whilst Heartland considers that it could still achieve a result at the bottom end of guidance, it would come at a cost to further investment in growth," chief executive Jeff Greenslade said.