BT Financial Group posts 21% profit rise
Monday, 5 May 2014 1:00pm

The performance of BT Financial Group has boosted Westpac Group's half-year results, with the division reporting cash earnings of $438 million, a 21% increase on the same period last year.

BT Financial Group chief executive Brad Cooper attributed the rise to improving market conditions as well as the addition of services and products that were meeting the needs of the advisers BT supported.

"We care deeply about the success of the financial advisers we work with and we understand that continuing to support them in supporting their clients is going to be a significant factor in our relationships both now and in the future," Cooper said.

"Australians choose financial advisers to help them meet their financial goals and we are committed to supporting independent financial advisers (IFAs) to deliver on their clients' objectives."

The group's funds under management (FUM) were up 25% in the period and funds under advice (FUA) were up 12%.

The number of retail customers in its flagship Super for Life product were also up 24% on the same time last year with FUM increasing 45%

Net flows into Advance Asset Management are also up 20% with 85% of Advance funds performing above benchmark.

BT Financial Group also said its platforms continue to hold number one ranking for market share at 19.7%. Asgard ranked top three in Investment Trends' survey and ranked number one for Best Fee Disclosure Statement and Best Platform Integration Functionality.

The company also said it is on track to deliver its Panorama platform which it hopes will be an important platform in supporting IFAs.

"BT Financial Group looks forward to working with advisers to ensure we are meeting their needs in terms of products and services to their clients," Cooper said.

BT Financial Group's parent company, Westpac, reported a 10% rise in profits for the half year to 31 March 2014 to $3.622 billion.

The bank saw a 7% increase in net operating income and a 22% reduction in impairment charges.

Westpac has announced a fully-franked interim dividend of 90 cents per share, up 2 cents on the prior half and 4 cents higher than a year ago.

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