Heartland Sees Rural Lending Growth Amid Proposed Merger with TSB

Heartland Group bank's rural lending business has experienced significant growth in New Zealand and Australia. The company's underlying net profit after tax doubled to $90.4 million for the financial year ended June 30, 2026, compared to $46.9m in FY2025.

The NZ rural division saw a strong growth of 10.8% across New Zealand, outperforming the sector average of 1.8% as reported by the Reserve Bank of New Zealand in agricultural lending. The company attributed this growth to strengthened livestock finance intermediary partnerships and improved market optimism.

Heartland's rural businesses held steady in Australia, with a receivable of AU$250m on June 30, down 1.7%. Despite generally supportive industry conditions, the Australian category outlook is for 10% growth in FY27.