Heritage Bank increased its earnings by almost 20 per cent in the year to June. The bank released unaudited figures yesterday, showing an 18.5 per cent increase in net profit, to A$37.05 million.The result included a gain on the sale of shares in Visa and fair value adjustments required under accounting rules. After adjusting for these items, pre-tax profit was up 12.6 per cent.The bank's assets increased by 3.5 per cent, to $8.5 billion, during the year.The bank added one new branch to its network and increased staff numbers by 40.On the negative side, loan originations slowed down. Total loan approvals in 2012/13 were $1.3 billion - down 6.7 per cent on the previous year. Heritage Bank's chief executive, John Minz, said in a statement that the slowdown in approvals was a deliberate business decision, given the stricter regulatory framework in place under Basel III.Minz said: "Industry is facing pressure to meet more stringent prudential requirements post-GFC."