The financial services firm’s statutory net profit after tax was $79.8 million for 2012/2013, up from $19.4 million in 2011/2012.
Underlying net profit after tax before pre-amortisation adjustments was $108.8 million, up from $96.4 million in the prior corresponding period.
IOOF’s funds under management, advice, administration and supervision (FUMAS) increased by 11 per cent over the financial year to $120.2 billion.
The acquisition of wealth management firm Plan B in late 2012 has had a “positive effect on IOOF’s earnings and profitability”, according to a statement by IOOF on the ASX website.
“Since the acquisition [of Plan B], IOOF has generated $6.1 million in pre-tax synergies ($5 million in the second half of 2012/2013), which implies $10 million for the 2013/2014 financial year end, relative to a pre-acquisition cost base of $32 million,” IOOF said.
Total platform net flows (excluding Plan B) were in positive territory, sitting at $262 million for the year.
IOOF’s flagship platforms experienced net funds growth of $872 million, up 28 per cent.
IOOF managing director Christopher Kelaher heralded the “first positive net fund flow since the transformative acquisition of Australian Wealth Management in 2009” as an important milestone for the group.
The 2012/2013 financial year saw IOOF launch ‘phase two’ of its advertising campaign, which has involved television, radio, outdoor, cinema and online advertisements nationally.
The campaign has notably featured advertisements on the side of Sydney buses with the tag line ‘What does IOOF stand for?’ (The answer, at least historically, is ‘Independent Order of Odd Fellows’).
