BT Investment Management profit climbs 72%

Company News

BT Investment Management Ltd (ASX:BTT) has recorded a statutory net profit of $21.8 million in fiscal 2010, climbing 72 per cent from $12.7 million posted last year.

In the year to 30 September cash net profit was up 15 per cent to $30.9 million, up from $26.9 million in 2009.

The result has been attributed to improved equity and credit markets.

A fully franked final dividend of 10 cents per share has been declared, bringing the total regular dividends for the year to 15.5 cents per share which is 96 per cent higher than last year.

In addition, a special dividend of 12.5 cents was paid in August.

Westpac Banking Corporation (ASX:WBC) majority owns BT Investment Management.

BT Investment Management’s earnings slipped in the six months to 31 March 2010, to a profit of $9.74 million.