Heartland New Zealand's annual net profit came in at $36 million in line with the company's guidance.
The bank's net profit for the year ended June compares with the near $7 million profit the previous year but that result was dragged lower by property asset write-downs.
Heartland said the result reflects both the absence of one-off expenses in the previous year as well as organic growth and the continued management of expenses and bad and doubtful debts.
It said the company's return on equity for the year was 9 percent but, illustrating its momentum, that rose to 9.7 percent for the June quarter.
Heartland said its recently acquired home equity release business contributed $700,000 to net profit but that it also contributed $1.2 million in one-off acquisition costs.
The bank said its total assets rose 20 percent in the year, largely reflecting the home equity release purchase.
Heartland is forecasting a net profit of up to $45 million for the current year.