Perpetual Private Clients help drive strong first half

David Deverall

A “revitalisation” of the Private Clients business has helped push Perpetual to a 34 per cent increase in net profit after tax for the half year ended December 31.

The company announced today that its Private Clients business had contributed nearly 20 per cent of the group’s operating profit after tax, effectively validating the group’s strategy to diversity its portfolio of businesses.

Perpetual increased its operating profit after tax by 18 per cent and noted that its 34 per cent increase in net profit after tax included operating profit after tax plus a $30 million profit on the sale of a portion of its investment portfolio.

Looking at its Private Clients business, Perpetual said the division had increased its net operating profit before tax by 12 per cent to $17.9 million, with funds under advice growing by 9 per cent to $7.2 billion for the six-month period.

Commenting on the result, Perpetual chief executive David Deverall said the company had focused its efforts on building performance track records in its new asset classes and continuing its investment in the delivery of strategic growth initiatives.

“We have continued to expand our asset management teams in Perpetual Investments, added to our front-line sales capabilities in Perpetual Private Clients and recently acquired the business operations of Wignalls Lenders Mortgage Services in Perpetual Corporate Trust,” he said.