Investment Management firm, Challenger (ASX:CGF) has reported its statutory net profit after tax (NPAT) dropped about 19 per cent on FY17 to $323 million for the 2018 financial year.
Its revenue strengthened over the 2018 financial year, and lifted 11 per cent on FY17 to around $2.19 billion.
Challenger’s earnings (EBIT) for its funds management business lifted 28 per cent to $58 million
Total group assets under management increased by almost 16 per cent to $81.1 billion.
The company declared a full year dividend of 35.5 cents fully franked, a lift of 3 per cent on last year.
Challenger says its performance in 2018 was underpinned by continued rapid growth in assets under management.
For financial year 19 Challenger is targeting normalized net profit before tax growth of 8 to 12 per cent on this year.
Shares in Challenger (ASX:CGF) closed 0.32 per cent higher to $12.45 yesterday