BT Financial Group contributed $404 million in cash earnings to Westpac's result for the half-year despite lower advice revenue.
BT's contribution to Westpac's $4.2 billion profit for the six months to 31 March 2018 was $404 million, up 7 per cent from the prior corresponding period.
Total average funds increased 8 per cent on the prior period. Loans and deposits were up 8 per cent and 7 per cent, respectively – partly offset by margin compression and lower advice revenue.
The Panorama platform reached 9.4 billion in funds under administration in the half-year, up 40 per cent.
BT chief executive Brad Cooper said he expected Panorama to continue its strong growth in the next half.
"BT’s insurance business remains a good industry performer with overall cash earnings of $133 million, an increase of 14 per cent on the prior corresponding period and a market leading lapse rate of 13 per cent," Mr Cooper said.
"In addition to the continued growth of our Private Wealth business I’m especially proud of the sustained and high levels of overall client satisfaction, with over 90 per cent of clients highly satisfied with services provided by their private banking team.
"Through enhancements to our digital capabilities and online offerings we’ve also continued to make it easier for our customers to interact with us and manage their finances in the way that suits them, whether it’s helping them gain access to appropriate cover or managing their superannuation," Mr Cooper said.
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