Perpetual leads the pack in profit growth
Perpetual Trustees today reported a 62 per cent jump in net profit to become a stand out player in the financial services market with $27.5 million for the six months to December 31.
Despite the leap in profitability, the group warned that further profit growth would be difficult in the next six months given the uncertainty of investment markets and competition from global players.
Perpetual's substantial growth is to be attributed to revenues from ordinary activities for the first half which grew to $151 million from $125 million in the same period last year.
Perpetual Trustees managing director Graham Bradley says the earnings growth reflects the group's success in capturing new business across the board.
Perpetual Investments continued its strong performance with total funds under management rising to $13.4 billion from $11.6 billion.
The Private Client division attracted another $112 million to its portfolio management service, with total funds at $3.6 billion at the end of the first half.
Perpetual Superannuation also achieved good growth with the Select Master Trust reaching $933 million and the Symetry Master Funds hitting its $500 million milestone.
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