IOOF Holdings sees profit hurt by remediation costs

Company News

by Rachael Jones

Wealth manager IOOF Holdings (ASX:IFL) released their results today for financial year 2019 showing statutory net profit after tax (NPAT) $28.6 million, down 67.7 per cent.

This was due to remediation costs incurred after the Royal Commission inquiry into the finance sector.

Underlying NPAT at $198.0 million, up 3.4 per cent.

The company have made a provision of $182.7 million for remediation and program costs of $40.4 million.

CEO, Renato Mota says it has been one of the most challenging years of their company.

Fully franked final dividends of 19 cents per share.

Shares in IOOF Holdings (ASX:IFL) are trading 10 per cent lower at $4.68.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.