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.