The Trust Company net profit up 12 per cent
The Trust Company has increased its net profit after tax by 12 per cent to $12.6 million, according to the company's annual report for the 12 months to 29 February 2012.
The company has also announced an 18 cents per share fully franked final dividend, making the total dividend for the year 35 cents per share.
Operating revenue for the year was up $82.8 million - up 45 per cent on the prior corresponding period.
The contribution of New Zealand Guardian Trust (acquired in March 2011) saw earnings before interest, tax, depreciation and amortisation up by 14 per cent to $18.5 million.
The Trust Company chief executive John Atkin called the result "a solid performance in the face of continuing global uncertainty".
"The strong contribution from our New Zealand business and the emergence of cross border capital market opportunities emphasises the value of our regional presence," Atkin said.
The Corporate Client Services division of the company business performed "ahead of expectations" despite the unanticipated termination of some major mandates, according to the report.
"We are now trustee to 30 managed investment trusts supervising over $5.2 billion in assets. This compares with 13 mandates supervising just over $2.1 billion at the same time last year," Atkin said.
The Trust Company is also undertaking an upgrade of its Personal Client Services business, which is expected to cost $10 million.
"The capital expenditure and operating cost for these components will be incurred in 2013 before significant benefits are realised in 2014 and beyond," said the report.
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