BTFG’s strong contribution to Westpac result
BT Financial Group's (BTFG's) performance in private wealth and advice has emerged as one of the most significant drivers in Westpac's 12 per cent increase in statutory net profit to $7.561 billion for the full-year to the end of September.
The results announcement, released on the Australian Securities Exchange (ASX) today, saw BTFG increase cash earnings by 16 per cent on the back of a 14 per cent increase in revenue.
Westpac chief executive, Gail Kelly described it as a "high quality result" which had been driven by strong performances across all operating divisions.
The directors declared a dividend of 92 cents per share.
However amid a range of strong divisional performances, BTFG managed to stand out with its insurance contribution up 19 per cent to $51 million, supported by a 16 per cent increase in in-force life premiums and an 11 per cent increase in gross written premiums for general insurance.
Kelly said she was positive for the outlook of the big banking group with the full-year results demonstrating that the business was performing well with strong momentum.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
