Heartland Group (HGH) AGM 2024 summary

Opening remarks and agenda

• Chair, CEO, and CEOs of Heartland Bank NZ and Australia delivered addresses, followed by shareholder discussion and voting procedures.

• Formalities included proxies, postal votes, meeting procedures, and minutes of the previous AGM.

Financial performance review

• FY2024 NPAT was $74.5m, down 22.2% from FY2023; NIM decreased by 58 bps to 3.39%.

• Receivables grew to $7.2b; liquid assets at $1,708m; equity at $1,238m.

• OPEX increased by 8.8% to $139.4m; impairment expense ratio rose to 0.66%.

• ROE declined to 6.6% from 10.4%; EPS dropped to 9.8 cps.

Board and executive committee updates

• Board includes Greg Tomlinson (Chair), with new and re-elected directors including Kate Mitchell, John Harvey, Simon Beckett, and Rob Bell.

• Management changes: Chris Flood to depart as Deputy CEO on 31 October 2024; new appointments in Australia.