BTFG’s strong contribution to Westpac result
BT Financial Group's (BTFG's) performance in private wealth and advice has emerged as one of the most significant drivers in Westpac's 12 per cent increase in statutory net profit to $7.561 billion for the full-year to the end of September.
The results announcement, released on the Australian Securities Exchange (ASX) today, saw BTFG increase cash earnings by 16 per cent on the back of a 14 per cent increase in revenue.
Westpac chief executive, Gail Kelly described it as a "high quality result" which had been driven by strong performances across all operating divisions.
The directors declared a dividend of 92 cents per share.
However amid a range of strong divisional performances, BTFG managed to stand out with its insurance contribution up 19 per cent to $51 million, supported by a 16 per cent increase in in-force life premiums and an 11 per cent increase in gross written premiums for general insurance.
Kelly said she was positive for the outlook of the big banking group with the full-year results demonstrating that the business was performing well with strong momentum.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
