Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

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

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 weeks 6 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

3 weeks 6 days ago

So we are now underwriting criminal scams?...

7 months ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

3 weeks 1 day ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

3 weeks 4 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

6 days 22 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND