Heritage Bank 2015 results slip

Heritage Bank, Australia’s largest customer-owned bank, announced full year results for 2014/2015 this week. The results were mixed with pre-tax profit and net profit declining by 4% and 6% respectively while total consolidated assets grew 0.4% to $8.557 billion. Heritage’s capital adequacy ratio was 13.37% and its liquidity ratio was 19.39%, above regulatory requirements. CEO John Minz said the 2014/15 year was one in which Heritage accelerated its transformation journey to respond to technological changes in banking. The BBB+/A3 rated Heritage has one hybrid security listed on the share market in the form of a 7.25% March 2016 note and the yield to maturity jumped from 3.71% to 4.12% on the day.