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.

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"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.

The midpoint of the guidance range would still see a 10 per cent net profit after tax growth for 2019 compared to 2018, he said.

The key drivers of growth over the six months were its Australian reverse mortgages, 04B, Business Intermediated, Harmoney and Motor divisions.

Heartland restructured last October, taking its Australian reverse mortgage book out of Heartland Bank so that it won't be constrained from growing by Reserve Bank of New Zealand regulations.

The Australian business book grew 25.5 per cent, or by $89.4 million, to $755.5 million in the six months while the New Zealand reverse mortgage business grew 10.7 per cent, or by $24.6 million.

The ASX listing cost the company $0.9m and one-off foreign currency costs of $1.2 million were incurred in relation to the corporate restructure.

Impaired asset expense increased by 27.6 per cent to $13.3 million for the six months, with $2.2 million of that increase coming as a result of the new accounting methodology.

Heartland Bank shares last traded at $1.33, down one cent from Monday's close.

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