In its first public result since listing on the ASX in November, Netwealth has reported a profit increase of 59 per cent alongside an uptick in funds under administration.
Netwealth has posted a net profit after tax of $14.1 million for the 2017-18 first half, up 59.3 per cent from the prior corresponding period
The newly listed company is expecting a full-year net profit of 3-5 per cent above the IPO prospectus forecast.
Netwealth's funds under administration increased 21 per cent (or $2.7 billion) compared with the 2016-17 first half, and net inflows were $1.8 billion.
The firm's managed account saw its funds under management grow to $1.4 billion in the six months to 31 December 2017 – up 107 per cent from the prior corresponding period.
Commenting on the result, Netwealth joint managing director Michael Heine said, "We are very pleased with the growth of the business and our successful IPO in 2017.
"The Netwealth team continues to do a great job delivering on our strategy to provide market-leading technology and service, and this is reflected in our share of industry flows and profitability, which are both at an all-time high."
A Greens senator who was a key agitator for the royal commission has defended his reasoning in pushing for the inquiry, but conceded that it’s not c...
APRA’s sweeping changes to income protection policies are set to force more claimants back to work sooner, as the life insurance industry faces more...
The latest enforcement update from ASIC has noted that court cases brought by the regulator in the six months to December last year under its 'why not...