Trust Company has reported a lift in its profits despite the volatile markets.
The firm secured an 18 per cent boost in operating earnings before interest, tax, depreciation and amortisation (EBITDA) to $21.1 million for the financial year.
The profit result was more than the company had expected.
In its annual general meeting last year, the company expected a profit growth of less than 15 per cent.
"The bulk of our business is annuity based and so we are not tightly linked to the market. Our business is also supported by loyal customers," Trust managing director Jonathan Sweeney said.
He said the company also recorded strong growth in its institutional business which included property infrastructure and trustee services as a responsible entity
The firm is on track to grow its business in the area.
In March, Trust announced that it had begun discussions with trustee company Equity Trustees with regards to a possible merger.
"These discussions are at a very preliminary stage and due diligence has not yet commenced," Sweeney said.
On the back of its profit results, the firm announced that it would sell off a 50 per cent stake in its joint venture with Bank of New York Mellon for $39 million.
"We have had a number of discussions with BNY Mellon about where to take the business. We just felt it would be a better fit as wholly owned by the business," Sweeney said.
