BT Financial Group has reported first-half cash earnings of $294 million, down 19% on the previous half and 14% on the prior corresponding period.
Chief executive Brad Cooper attributed the decline to one-off expenses and external market factors, including softer asset markets and a weaker equities contribution.
He said the result was countered by an increase in funds under management, up 34% to $55.6bn and funds under administration, up 11% to $85.6bn, which demonstrates strong underlying momentum.
"We hold the number one position for platform annual net flows, with 60% share of the market," Cooper said.
"We had the lion's share of the entire retail superannuation market with 19.1% of all funds under administration. BT Super for Life's funds under management grew to $2 billion, up 54% on the same period last year, and 32% of all rollovers in the last 12 months have come from industry funds.
"Our corporate super business now has the fourth largest market share at 13.4%, with annual net flows of $3.8 billion to December 2011."
Parent company Westpac's strategy to provide more services to clients from across the Group has been seen as largely successful, extending to the wealth division.
"Our ability to service the superannuation, advice and insurance needs of the Westpac retail banks' customers is sector-leading and St. George's is the fastest growing," Cooper said.
"We've increased our bank planner footprint by 8% and we also hold the highest revenue per adviser for Westpac Financial Planning."
Westpac meanwhile reported cash profit of $3.2bn, up 1% on the same period last year, allaying some investor concern over poor first quarter results that saw $200 million wiped from revenue on market losses.
Cost cutting will continue to be a focus for the bank with results expected to flow from the middle of the year, according to Westpac chief Gail Kelly.