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Perpetual reports profit surge, increases dividends

EditorOliver Gray
Published 28/02/2024, 10:02 am
Updated 28/02/2024, 10:02 am
© Reuters

Investing.com - Perpetual Ltd (ASX:PPT), the wealth management firm, has revealed a significant increase in its assets and profits, primarily attributed to its acquisition of Pendal last year.

The company's underlying profit for the six months ending in December amounted to $98.2 million, a 46% increase from the same period the previous year. This growth is largely due to the incorporation of Pendal into the company's financial records.

The firm's statutory net profit after tax reached $34.5 million, a 29% rise compared to the figure before the Pendal acquisition.

In addition to the profit boost, the board announced an interim dividend of 65 cents per share, franked at 35%.

Despite the positive financial results, the company provided limited information about its ongoing strategic review. This review aims to separate its corporate trust and wealth management businesses. The board merely stated that they are satisfied with the progress of the review so far.

Perpetual CEO Rob Adams attributed the worst fundraising environment for active equity managers in over a decade to clients withdrawing $4.3 billion from the group's investment offering.

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