IOOF announces $96 million profit
IOOF has reported a $96.4 million underlying net profit after tax - down slightly on the previous year's $111.5 million.
The group also announced statutory profit of $19.4 million, affected by a $63 million non-cash deferred tax liability, with a final fully franked dividend of 18 cents per share.
The tax liability will not result in cash outflow and will unwind to profit in future periods, the group stated.
Funds under management, advice, administration and supervision grew 1 per cent to $107.3 billion, which was boosted by the acquisition of DKN Financial Group during the year.
DKN has now been successfully integrated into the business and is adding new advisers to the Lonsdale network, along with Avenue Capital Advisers (which joined at the end of the previous financial year), IOOF stated.
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