Bell reports NPAT up 26 per cent
Financial services business, Bell Financial has reported a 26 per cent increase in net profit after tax (NPAT) to $20.6 million for the full year, ended 31 December 2017.
The strong result was driven by its retail equities business which was again the stand-out performer of the group, with a 40 per cent increase on the prior corresponding period.
At the same time, group revenue increased 12 per cent to $208.6 million and the board declared a final dividend of 5.5 cents, fully franked.
Funds under advice (FUA) increased 22 per cent to $47.2 billion, approximately 10 per cent of which provided some form of recurring revenue the company said.
As far as the future outlook was concerned, Bell’s managing director, Alastair Provan, said: “It is very early days, but 2018 so far has been the best start we’ve had in 10 years, and provides a base for another year of solid growth across the group.”
He added that last year the company lodged a license application in the United States.
“Hopefully we will have a New York office up and running in the second quarter of 2018.
“The office structure will be similar to our Hong Kong office, and, if it is successful, will add a new dimension to our institutional distribution capability,” he said.
AUTHOR
Oksana Patron
Recommended for you
The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call.
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
Insignia Financial has completed its transition of a range of administration and technology functions to SS&C Technologies as it seeks to be a leading wealth manager by 2030.
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.
