Inflows boost Merc profit
Strong inflows into Mercantile Mutual’s managed funds has helped lift the group’s operating profit after tax up 23 per cent to $70 million for the six months to the end of March.
Strong inflows into Mercantile Mutual’s managed funds has helped lift the group’s operating profit after tax up 23 per cent to $70 million for the six months to the end of March.
A 58 per cent hike in managed funds inflows fuelled a 10 per cent rise in total funds inflow to $3.6 billion for the six months to March 31. Merc now has just un-der $30 billion under management.
The strong growth in inflows produced a 14 per cent rise in after tax profit from life and funds management operations to $60 million, making up 90 per cent of the group’s net profit.
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