BT reports doubling of interim profit
Funds manager BT Investment Management has doubled first-half net profit as it benefits from the lift in global markets.
BT chief executive Emilio Gonzalez says the "exceptional" performance in the first half reflected improved market conditions.
"Clearly the stronger environment has assisted our business, both domestic and offshore in terms of rising markets, which has also led to growth and an improvement in net inflows," Mr Gonzalez said during BT's first-half results briefing on Wednesday.
Net profit rose 104 per cent to $22.8 million in the six months to March 31, while revenue jumped 44 per cent to $135.5 million.
Higher performance fees and rising management fees also supported the strong lift in net profit.
BT said significant progress had been made in diversifying the business, highlighted by the reduction in Australian equities as a proportion of funds under management from 33 per cent three years ago to 22 per cent currently.
BT, which is majority owned by Westpac, declared an interim dividend of 8¢ per share, fully franked, up from 5.5¢ a share previously.