The platform provider posted a 34.5% increase in statutory profit and a $4.5 billion rise in funds under administration in its half-year results.
Netwealth's statutory profit reached $27.6 million and funds under administration grew to $38.8 billion while funds under management grew $1.5 billion to $9.3 billion.
Managed account inflows jumped $1.3 billion to $7.6 billion. The average account size increased to $440,000 as at 31 December 2020, with the average annualised platform revenue per account increasing 6.5% to $1666.
"As average account size increases, revenue streams are diversified and ancillary revenues increase," Netwealth said.
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EBITDA rose 30.1% to 40.5 million for the half year with an EBIDA margin of 56%.
The platform provider said its strategic investment in data solutions fintech Xeppo has the potential for third party partnerships and assists in pivoting the business to a multi-disciplinary integrated wealth practice.
Looking forward, Netwealth expects to continue to increase overall market share and forecasts net inflows for the year to reach between $8.5 billion and $9 billion.
In addition, Netwealth noted its new pricing is fully implanted and an FUA administration fee is not expected to increase in the second half of the year.
The platform recently announced that its longstanding chair Jane Tongs stepped down and appointed Tim Antonie to take over.
In addition, Netwealth appointed Kate Temby as an independent non-executive director.