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General Capital (GEN)FY26Released 22 June 2026
Assets grow 30% to $283.7m while operating cash flow swings to -$24.6m
Deposit-funded loan growth pushed assets above historical norms even as tax pressure left NPAT down 3.6% despite 2.6% PBT growth.
Published 19 August 2026
Read briefingTower (TWR)HY26Released 21 May 2026
PBT fell from $70.2m to $32.2m on remediation and weaker investment income
Margins remain in the historical normal range, so the comparison reflects an unusually strong HY25 rather than HY26 underperformance.
Published 21 May 2026
Read briefingWestpac Banking Corporation (WBC)HY26Released 5 May 2026
WBC HY26: NPAT +2.9% but operating cash flow swung to –$6.7bn
Revenue grew 4.6% and PBT rose 1.4%, but a swing to negative operating cash flow of –$6.7bn dominates the quality read.
Published 14 May 2026
Read briefingHeartland Group Holdings (HGH)HY26Released 26 February 2026
NPAT rebuilt to NZ$48.8m as the NZ lending reset rolls off
The n/m headline NPAT lift is recovery from a depressed comparable; underlying NPAT of NZ$46.1m and ROE of 7.8% set the cleaner read.
Published 21 April 2026
Read briefingTower (TWR)FY25Released 27 November 2025
Combined ratio fell to 74.1% as underwriting result rose to NZ$133.9m
Rate-led claims improvement and a benign large-event year both drove the underwriting expansion, complicating the durability read.
Published 21 April 2026
Read briefingGeneral Capital (GEN)HY26Released 21 November 2025
PBT fell 31.8% on 19% revenue growth as costs and book outpaced earnings
Around NZ$0.6m of exceptional first-half costs pushed ROE to 3.4% from 5.5% even as total assets grew 47.2% to NZ$275.8m.
Published 22 April 2026
Read briefingHeartland Group Holdings (HGH)FY25Released 21 August 2025
PBT collapsed 45.3% as one-offs and provisions swamped 11.1% revenue growth
Revenue grew solidly but a surge in impairments, acquisition-related costs, and a portfolio reset crushed statutory earnings, leaving underlying NPAT
Published 22 April 2026
Read briefingGeneral Capital (GEN)FY25Released 26 May 2025
Assets up 33.6% on funded growth, but ROE direction weakened
Balance-sheet expansion outpaced earnings, and an in-year acquisition broadens segment mix and limits clean year-on-year comparison.
Published 22 April 2026
Read briefingTower (TWR)HY25Released 20 May 2025
Tower PBT margin hits unprecedented 23.7% as ROE reaches 29.0%
Reported NPAT rose 38.1% to NZ$49.7m but underlying NPAT of NZ$61.7m flags customer remediation and Canterbury claim drag.
Published 23 April 2026
Read briefingHeartland Group Holdings (HGH)HY25Released 27 February 2025
NPAT collapsed 90.4% on one-off charges, dividend halved to 2 cents
Reported NPAT of NZ$3.6m versus underlying NZ$10.7m and a 500% NPAT payout ratio leave the dividend reliant on retained earnings, not current profit.
Published 22 April 2026
Read briefingTower (TWR)FY24Released 28 November 2024
Combined ratio swung 22 points to 79%, restoring underwriting profit
FY24 reflects a calmer large-event year and IFRS 17 first-time adoption, so the headline recovery is not a clean like-for-like read.
Published 23 April 2026
Read briefingGeneral Capital (GEN)HY25Released 22 November 2024
Maiden dividend sets payout at 96.5% of NPAT as revenue growth slows to 38.7%
Operating cash of NZ$15.3m easily funds the inaugural distribution, but revenue growth has slowed sharply from the company's recent baseline.
Published 22 April 2026
Read briefingHeartland Group Holdings (HGH)FY24Released 29 August 2024
PBT fell 22.0% on near-flat revenue as impairment charges bit hard
Revenue growth of just 0.2% left no buffer when provisions surged, driving a 22.0% PBT decline and compressing ROE to 6.0% from 9.3%.
Published 22 April 2026
Read briefingTower (TWR)HY24Released 28 May 2024
Tower swung to NZ$36.0m NPAT with PBT margin at 17.7%
Underwriting rebounded sharply and the interim dividend resumed at 3.0 cps, but the revenue line is broken by an insurance-presentation basis change.
Published 23 April 2026
Read briefingGeneral Capital (GEN)FY24Released 27 May 2024
NPAT rose 17% but PBT only 7% as Finance segment profit fell
A lower tax rate and non-recurring prior-year items flattered headline growth while the dominant Finance segment's result declined.
Published 22 April 2026
Read briefingHeartland Group Holdings (HGH)HY24Released 27 February 2024
Heartland revenue fell 2.0%, snapping a ~10% growth pattern; PBT down 23.8%
Net operating income contracted despite 4.2% receivables growth, pointing to material net interest margin compression ahead of Challenger integration.
Published 22 April 2026
Read briefingGeneral Capital (GEN)HY24Released 28 November 2023
Revenue up 29.7% but Finance segment result fell 16% year-on-year
PBT grew just 1.6% and NPAT growth of 15.8% relied on a lower tax charge as the dominant Finance segment's profitability contracted.
Published 22 April 2026
Read briefingTower (TWR)FY23Released 23 November 2023
Combined ratio hit 101.0%; no FY23 dividend after catastrophe year
Large-event claims of NZ$38.2m drove underwriting into loss and operating cash inflow fell to NZ$10.0m, straining solvency and capital return.
Published 23 April 2026
Read briefingHeartland Group Holdings (HGH)FY23Released 29 August 2023
PBT down 2.2% while ROE fell to 9.3% on NIM compression
Flat headline NPAT reflects a lower effective tax rate, masking underlying margin pressure and weaker returns on the expanded equity base.
Published 22 April 2026
Read briefingGeneral Capital (GEN)FY23Released 29 May 2023
PBT up 77.1% but ROE eased to 9.3% as equity outpaced earnings
Equity grew 79.2% versus 68.4% NPAT growth, signalling capital raised to fund the loan book has yet to lift per-dollar returns.
Published 22 April 2026
Read briefingTower (TWR)HY23Released 25 May 2023
Weather drove $5.1m reported loss; ex-events underlying NPAT rose 30%
Catastrophic claims and reserve strengthening obscured a stronger underlying book and prompted Tower to skip the interim dividend.
Published 23 April 2026
Read briefingHeartland Group Holdings (HGH)HY23Released 28 February 2023
Revenue +10.2% but NPAT just +2.5% as tax step-up and bigger equity base bite
PBT grew 6.3% on stronger margins, but a 29.5% effective tax rate and 30.5% equity expansion drove ROE down to 9.6% from 12.2%.
Published 22 April 2026
Read briefingGeneral Capital (GEN)HY23Released 29 November 2022
PBT up 390.8% on 94.7% revenue growth as margin reached 43.5%
Operating leverage from a fast-scaling loan book quintupled PBT in a still-small finance company increasingly funded by term deposits.
Published 22 April 2026
Read briefingTower (TWR)FY22Released 23 November 2022
Combined ratio improved to 90.1% but solvency fell from 271% to 205%
Underwriting strengthened and full-year dividend rose to 6.5c, yet operating cash inflow fell to $59.8m from $98.6m as the capital buffer thinned.
Published 23 April 2026
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