HUB24’s after-tax profits jump 133%
The investment platform HUB24 has reported a 133% jump in its underlying net profits after tax (NPAT) to $35.9 million in FY22, while platform net inflows surged 32% to a record $11.7 billion.
As a result, total funds under administration (FUA) rose 12% on the prior year to $65.6 billion, while platform FUA grew 20% to $49.7 billion.
In a statement to the ASX, HUB24 announced its total revenue for FY22 had risen 76% to $192.5 million, and reported underlying EBITDA of $70.4 million (up 92% on FY21).
“HUB24 has delivered strong growth during FY22 whilst remaining focused on enhancing value for our customers and delivering on our strategic objectives and our purpose to empower better financial futures together,” read a statement to the ASX.
Given the strong results, HUB24 announced a fully franked full-year dividend of 12.5 cents, bringing the full year dividend to 20 cents, an increase of 100% on the previous year.
“During FY22, the HUB24 platform experienced net inflows at a level not seen in the industry for many years, and as a recognised market-leader in the platform space with continued focus on delivering innovative solutions that enhance outcomes for clients, HUB24 is well-positioned to continue to benefit from the trend towards specialist platforms,” the statement added.
As at the end of June, the firm also announced the number of advisers using the platform had increased by about 14% to 3,486.
Recommended for you
Rising bearishness among investors has led to a retreat into defensive assets, according to the latest quarterly manager and intelligence trends report from Bfinance.
Cbus Super, the superannuation fund for blue-collar workers, has announced it paid out almost $300m in insurance claims over the last financial year, a rise of $40m from the year before.
The $700 million not-for-profit fund Lutheran Super has announced it is to merge into Mercer Super, with the transfer set to take place in the fourth quarter this year.
Superannuation assets fell 0.5% in value over the 12 months to the end of June, according to the latest quarterly figures from the Australian Prudential Regulation Authority (APRA).
