Perpetual reports strong half in face of strategic review
![Arrows hitting and missing targets](https://financialnewswire.com.au/wp-content/uploads/Shutterstock_1571251024.jpg)
Perpetual Limited has reinforced the value of its Corporate Trust and Wealth Management businesses at the same time as announcing its first half results revealing a 29% increase in net profit after tax to $34.5 million.
Perpetual chief executive, Rob Adams stressed the value of the businesses while acknowledging that the two businesses were the subject of a strategic review “to explore unlocking value to shareholders through separation”.
The strategic review was commenced last year in the face of M&A pressure.
Perpetual’s top line analysis was that underlying profit after tax was up 46% to $98.2 million “as a result of the Pendal acquisition and higher Wealth Management earnings”.
Adams said the first half financial performance reflected the increased scale of Perpetual’s Asset Management business and “the resilience of both our Corporate Trust and Wealth Management businesses”.
The company declared an interim dividend of 65 cents per share, 35% fully franked.
The company reported that the Corporate Trust business recorded a underlying profit before tax of $40.8 million, down 2% while the Wealth Management business delivered underlying profit before tax of $26 million up 18%.
FAAA, as has others, have been lobbying too about the CSLR. Here is some public commentary on Linked iN https://www.linkedin.com/feed/update/urn:li:activity:7220619889001082882/
Agree about "Or was the Ramsay Review a shonky pseudo-scientific exercise like ASIC’s insurance churning review" ASIC should re-open the…
Aren't All Government reviews predetermined and they just backfill the evidence to Justify the action. This is both sides
you're spot on ANON
The govt seems to be trying to hide behind the "Ramsay Review". Does anyone know what the Ramsay Review was?…