BT Financial Group has generated a $463 million net profit following a 25 per cent increase in funds under management and a 12 per cent rise in funds under administration.
The Westpac Interim Financial Results 2014 indicated a 25 per cent growth in net profit for the six months leading to 31 March 2014, compared to the previous corresponding period.
The results show BT Financial Group is continuing to lead on all platforms, with a funds under administration share of 19.7 per cent, and with retail super with a funds under administration share of 18.5 per cent.
BT Super for Life retail balances rose by 16 per cent during the half year to $4.3 billion, with the number of active accounts increasing by 29 per cent over the six months.
Asgard Infinity balances increased by 19 per cent over the half, rising to $6 billion.
Westpac Institutional Bank, however, saw a $33 million decline in its cash earnings, a four per cent fall from the previous corresponding period.
Westpac stated in the results that this was due to a $20 million company voluntary arrangement benefit and the exit of listed infrastructure funds, which significantly boosted revenue during the first half of 2013.
“Without these impacts, the division’s cash earnings increased three per cent against the prior corresponding period and seven per cent against the prior period, supported by higher customer revenue and a strong performance from the markets business,” Westpac said.
Net profit for the group overall was $3.66 billion, a 10 per cent increase from the previous corresponding period.
Westpac Group chief executive Gail Kelly said the result was driven by a strong operating performance from each division, supported by a further improvement in asset quality.
“I am pleased with this result and the momentum we have built across the group,” said Ms Kelly.
“It is a strong performance and reflects the consistent execution of our strategy, which has customers at its centre.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 10:13Westpac announces exit from financial adviceBy Adrian Flores
- 09:32ASIC given greater powers under new proposalBy Adrian Flores
- 09:32FPA releases national roadshow detailsBy Adrian Flores
- 18 Mar 2019Linchpin Capital, IIOF fund to be shut downBy Adrian Flores
- 18 Mar 2019FASEA releases final provider accreditation policyBy Adrian Flores
- 15 Mar 2019Adviser given 10-year prison sentence by NSW courtBy Adrian Flores
- view all