Funds management helps drive Comm Bank profit
The Commonwealth Bank’s funds management and advisory arms made a significant contribution to a 19 per cent increase in the bank’s net profit after tax to $2,271 million, according to the interim result released today.
The bank reported strong performance from all its business units, but particularly pointed to an 11 per cent increase in funds under administration to $168 billion supported by strong flows into its FirstChoice superannuation platform.
It said underlying profit after tax for the funds management business had increased by 7 per cent over the previous six months to $232 million.
The results document said that the key drivers of net funds flows were the continued flows into FirstChoice, and solid institutional and international flows generated by the global asset management business.
The results analysis said that continued progress had been made with respect to initiatives designed to improve cross-selling of wealth management products to retail customers and the focus was now shifting to realisation of benefits.
The analysis also noted that the bank had successfully implemented the new Financial Wisdom Dealer Group offering, which had enhanced practice quality and adviser segment service levels.
It said its first Adviser Gateway Program had so far successfully trained 24 internal candidates to be financial planners with the second intake beginning this month.
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Mike Taylor
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