BT Financial Group has announced a drop in its full year cash earnings, saying the industry has been adversely impacted by “a number of headwinds”.
In a statement this morning, BTFG said it has contributed $876 million in cash earnings to the Westpac group result – a decrease of 4 per cent over the previous year.
BTFG chief executive Brad Cooper said despite operating in a challenging environment, the company had achieved “significant strategic milestones”.
“Our key performance measures are positive despite the wealth management industry being adversely impacted by a number of headwinds,” he said.
“We have retained our number one position for platform flows and we have also seen a positive performance in private wealth and the continued expansion of our insurance portfolio."
Mr Cooper added that BTFG has finished “significant builds” for its wealth management platform, BT Panorama.
According to the statement, BTFG’s funds under administration are up $9 billion, or 7 per cent, over the prior corresponding period while funds under management are up $2 billion, or 5 per cent.
“We are also pleased that BT’s licensing solutions continued to attract high quality firms looking to run compliant businesses and remain focused on assisting these practices drive greater efficiencies to enhance client engagement,” Mr Cooper said.
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