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IOOF profits fall 39%, advice margins dropBY KANIKA SOOD | TUESDAY, 18 FEB 2020 12:29PM
IOOF's underlying net profit after tax slumped 39% in the first half of FY20 to $56.6 million, following increased governance spending, pricing pressures and divestments.
Read more: Ord Minnett, Perennial Value Management, Shadforth
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IOOF expects to spend up to $32 million on paying out Buyer of Last Resort arrangements with financial advisers leaving its network, primarily from Bridges Financial Services.
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Even before the COVID-19 vaccine arrived in Australia, it was clear we were returning to pre-pandemic normality, and latest stats back this.
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