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.
Recommended for you
Wrapping up the reporting season for the 2024–25 financial year, Money Management rounds up the results of Australia’s listed platforms.
Investment platform Praemium has announced an integration with fund services firm Clearstream’s platform into Praemium Spectrum, expanding advisers’ access to global funds and greater operational efficiency.
Financial services firm Akambo has rebranded itself as an investment management and asset consulting business after almost two decades of operation, targeting $20 billion in assets under management.
Big four bank Westpac is seeking to expand the BT Panorama investment offering through strategic alliances as well as launching a low-cost offering.