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 Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
EY has broken down which uses of artificial intelligence are presenting the most benefits for wealth managers as well as whether it will impact employee headcounts.
Advice licensee Sequoia Financial Group has promoted Sophie Chen as an executive director, following her work on the firm’s Asia Pacific strategy.
The former licensee of Anthony Del Vecchio, a Melbourne adviser sentenced for a $4.5 million theft, has seen its AFSL cancelled by ASIC after a payment by the Compensation Scheme of Last Resort.
