Perpetual's profit up 8 per cent

By Tim Stewart
 — 1 minute read

Financial services firm Perpetual has posted a net profit after tax of $132 million for 2015-16, up 8 per cent on the previous financial year.

Perpetual chief executive Geoff Lloyd said the company had achieved a "solid result in challenging conditions while investing in the business".

The full-year dividend will be 255 cents per share, up 6 per cent on the previous year.


"Our dividend growth reflects the strength of our business model and the diversity of our revenue and earnings," Mr Lloyd said.

Perpetual Investments posted a profit before tax of $118.1 million, down 6 per cent on the 2014-15 financial year.

"This was largely driven by continued volatility in equity markets which offset good cost control and long-term outperformance of the funds," Perpetual said in a statement.

Perpetual Private, the company's wealth management division, reported a profit before tax of $34.2 million (9 per cent lower than the previous year).

"With a view to being Australia’s premier high net worth advice business, we are pleased Perpetual Private has now delivered six consecutive halves of positive flows and net new client growth, as well as continued strong investment performance of the $12.7 billion in funds under advice," Mr Lloyd said.

Perpetual Corporate Trust was the success story for the year, however, posting a profit before tax that was 9 per cent higher than the previous year at $34.1 million.

"We have seen good growth in Perpetual Corporate Trust which has built on its market-leading position in securitisation to broaden our range and depth of offers," Mr Lloyd said.

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Perpetual's profit up 8 per cent
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