Bell reports NPAT up 26 per cent

profit/FUA/increase/

22 February 2018
| By Oksana Patron |
image
image image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 6 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 2 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

3 days 22 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5