BT Investment FY net profit falls 23%

Company News

BT Investment Management Limited (ASX:BTT) has reported a 23 per cent fall in its full year profit, dragged down by one-off costs relating its acquisition of an investment firm.

The fund manager in which Westpac Banking Corporation (ASX:WBC) is a major investor posted a cash profit of $30.5 million, dipping 1 per cent from the year before.

CEO Emilio Gonzalez says the annual result was sound and that BT Investment has maintained underlying profitability against the backdrop of volatile markets.

The company had $35.1 billion in funds under management at September 30, 2011, down 1 per cent from the year before.

A fully-franked final dividend of 10 cents per share has been declared.