IOOF (ASX:IFL) financial year net profit up

Company News

by Anna Napoli

IOOF (ASX:IFL) has posted a $147 million statutory net profit for the year to the end of June, up 415 per cent from $28.6 million a year ago.

Underlying net profit after tax declined 35 per cent to $129 million.

Total funds under management, administration and advice (FUMA) $202.3 billion compared to $138.5 billion in FY19.

IOOF declared a final dividend of 11.5 cents a share, from 12 cents a share last year.

The company has entered into an agreement with NAB to acquire 100 per cent of its wealth management business MLC for $1.44 billion.

Shares in IOOF (ASX:IFL) are in a trading Halt - Last traded at $4.63