BT Financial Group posts $404m half-year profit

BT Financial Group (BT) has recorded a 7 per cent year-on-year rise in cash profit to $404 million for the half year ended March 2018, while also maintaining its number one market share on all retail platforms.

Funds growth on Panorama reached $9.4 billion in funds under administration in the half, while insurance premiums and the Private Wealth business continued to grow, the Westpac subsidiary said.

Total average funds increased 8 per cent on the prior corresponding period, with loans up 8 per cent and deposits up 7 per cent, primarily in Private Wealth, which was partly offset by margin compression and lower Advice revenue, BT said.

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BT chief executive officer, Brad Cooper, said BT Panorama had cemented its place as one of Australia’s fastest growing platforms, and continued to differentiate itself from heritage platforms in the market.

“This half we saw very strong growth on our innovative BT Panorama platform, which grew funds around 40 per cent following the completion of the full advised offer in March 2017,” he said.

“We anticipate continued strong growth for the platform, highlighting the success of our customer-led design approach in providing an end-to-end solution for advisers to manage all of their clients’ financial needs.

“In addition to the continued growth of our Private Wealth business, I’m especially proud of the sustained and high levels of overall client satisfaction, with over 90 per cent of clients highly satisfied with services provided by their private banking team.”

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