IOOF posts solid first half

Company News

by Anna Napoli

IOOF (ASX:IFL) has announced its half year results for financial year 2019 net profit after tax (NPAT) $135.4 million up from $45.2 million in the year earlier period.

The increase came in part from large, one-off, non-recurring items, including the after-tax impacts of $34 million profit from the sale of IOOF’s corporate trust business, $25 million recovery of amounts paid in settlement of litigation, and a $28 million goodwill impairment of Perennial Investment Partners Limited, which occurred in the prior corresponding period.

Revenue rose 22 per cent to $548.94 million.

Total funds under management, administration and advice (FUMA) increased  10 per cent to $137.8 billion.

The company declared a  fully franked dividend of 25.5 cents per share declared

IOOF Acting CEO, Renato Mota says “We have delivered a solid financial result in a difficult first half-year, and we’re well aware ofthe challenge ahead to restore trust."

Shares in IOOF (ASX:IFL) are trading 6.79 per cent higher to $5.66.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.