In an announcement to the ASX yesterday, the stockbroking group put the 165 per cent increase in its profit down to strong equity capital markets.
Bell Potter's institutional and equity capital markets revenues increased by 50 per cent to $41 million in 2015, with an profit before tax of $10.2 million (up 450 per cent on 2014).
Future and foreign exchange profit was $2.1 million, up 37 per cent on the previous calendar year; and full service retail equities profit rose 120 per cent to $8 million.
Bell Direct, the online broking subsidiary that is 56 per cent owned by Bell Potter, saw its revenue increase by 18 per cent to $10.1 million. Bell Direct's profit before tax doubled to $1.2 million.
Bell Potter Capital saw its revenue remain steady at $6.5 million, with profit before tax also steady at $1.4 million.
"While group consolidated net revenues increased by 14 per cent over the year, overheads fell by around 2.0 per cent reflecting the impact of recently renegotiated office leases," said the statement.
"The group’s funds under advice now exceed $32 billion with $28 billion in CHESS sponsored holdings, $900 million in cash deposits, $500 million in superannuation assets, $300 million in margin equity loans and more than $2 billion on our Portfolio Administration Service platform."
AMP names incoming chief risk officer
Antares Equities hires new director
Former AFA CEO appointed to boutique board
Warning lights flashing on Aussie equities
What’s in store for the economy in 2018?
Busting common passive investing myths