Australia's Challenger rises on sale of bank to Heartland Group

Heartland group

20/10/2022 02:15

** Shares of Challenger  CGF.AX  climb as much as 10.4% to
A$7.14, on track to post best session since April 21, if gains
hold
    ** The investment manager signs share sale agreement with
financial services with Heartland Group Holdings  HGH.NZ  to
sell Challenger Bank for about A$36 mln ($22.54 mln)  
    ** Co posts total life sales of A$2.8 bln ($1.75 bln), up
33% from a year ago
    ** Co reaffirms FY23 normalised net profit before tax
guidance of between A$485 mln to A$535 mln
    ** However, CGF says assets under management for the quarter
fell 2% to A$96 bln
    ** Stock hits highest level since Aug. 15; up for third
straight day
    ** As of last close, CGF down ~0.9% YTD
($1 = 1.5974 Australian dollars)
 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))