Heartland Group Holdings (ASX:HGH, NZE:HGH) reported an impairment expense of NZ$49.6 million in its New Zealand bank, Heartland for the six months ended Dec. 31, 2024, according to a Tuesday filing with the Australian and New Zealand bourses.
The impairment expense will impact Heartland's net profit after tax for the fiscal half, which the firm expects to be in the range of NZ$2 million to NZ$5 million.
It cited the "impact of ongoing deterioration in economic conditions" in New Zealand, as well as the derisking and repositioning of some of the New Zealand bank's lending portfolios as reasons for the expense.
The expense primarily relates to arrears within its motor finance and business lending portfolios, the filing said.
The bank had reported an impairment expense of NZ$23.9 million in the half-year ended Dec. 31, 2023.
Heartland Group Holdings' shares fell almost 14% in early trading on Tuesday on the Australian bourse and nearly 13% on the New Zealand bourse, each hitting a 52-week low.
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