Netwealth has recorded a 34.5% net profit after tax growth to $27.6 million for 1H21 while funds under administration (FUA) reached $40.7 billion mid-February.
At the end of 2020, Netwealth’s FUA saw a record half year increase of $7.3 billion to $38.8 billion thanks to strong net inflows of $4.5 billion and positive market movement of $2.8 billion for the half year.
At the same time, funds under management (FUM) stood at $9.3 billion, representing an increase of $3.6 billion for 12 months. This included managed account FUM of $7.6 billion.
The board declared a fully franked dividend of 9.06 cents per share totalling $22.1 million for 1H2021.
Commenting on the results, Netwealth’s joint managing director, Matt Heine, said that the new pipeline of business and transitions remained strong and the guidance range provided to the market for FY2021 FUA net inflows was now in the range of $8.5 billion to $9 billion.
“We are happy that current FUA increased to $40.7 billion at 15 February 2021 with growth of $1.9 billion since 31 December, 2020. We are focused on busines profitability, operating leverage and shareholder return,” he said.
“Illustrating this, NPAT increased by 34.5% to $27.6 million for 1H21 and we declared a fully franked dividend of 9.06 cents per share to shareholders.