Bell FG closes 2015 on a high
Bell Financial Group shareholders are ringing in the new year on a positive note, after the group posted a 165 per cent rise in pre-tax profits.
In a statement to the Australian Securities Exchange (ASX), Bell FG announced that the businesses were expected to provide an unaudited pre-tax profit in excess of $22 million for 2015, underpinned by strong revenue growth in equity capital markets.
The group reported its funds under advice exceeded $32 billion last year, the majority of which had been placed in CHESS sponsored holdings, with a further $900 million was in cash deposits, $500 million in superannuation assets, $300 million in marginal equity loans, and $2 billion on its Portfolio Administration Service platform.
"All business divisions were profitable, with most exhibiting strong revenue and profit growth:
- Institutional Broking and Equity Capital Markets revenues increased 50 per cent to $41 million. Profit before tax (unaudited) was $10.2 million, a 450 per cent improvement on the previous year.
- Futures & Foreign Exchange revenues grew by 30 per cent to $13.8 million, profit before tax (unaudited) was $2.1 million, 37 per cent ahead of 2014.
- Full Service Retail Equities revenue rose by four per cent to $102 million, with profit before tax (unaudited) up 130 per cent to $8 million.
- Revenue in Bell Direct, our 56 per cent owned online broking subsidiary, increased by 18per cent to $10.1 million, profit before tax (unaudited) was $1.2 million, a 200 per cent improvement on 2014.
- Bell Potter Capital net revenue and profit before tax (unaudited) remained steady at around
- $6.5 million and $1.4 million respectively," the group said.
AUTHOR
Nicholas O'Donoghue
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