DKN expects profit drop next year
DKN Financial Group expects its net profit after tax (NPAT) to drop by 15 per cent next year, according to guidance updates released at DKN’s annual general meeting (AGM).
DKN’s net platform inflows for September dropped to $202 million, from $400 million in the previous quarter, which was partly due to $45 million worth of cash management trust withdrawals during the September quarter. The market had a 7 per cent impact on DKN’s funds under management for the September quarter.
The chairman of DKN, Rob Humwick, said at the AGM that despite the drop in profits for next year from market falls, its outflows remain small, creating a net inflow of business.
DKN’s acquisition of Lonsdale Financial Group and Zurich’s Wrap gave the company added strength that allowed it withstand a “severe buffeting” from the market, Humwick said.
Ten new firms have joined the Lonsdale/DKN network in the last quarter.
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