Perpetual posts modest lift in half-year profit

Perpetual has eked out a 3pc increase in net profit as funds under management grew by $1.4bn to $32.8bn.

Perpetual chief executive Geoff Lloyd.

Perpetual has eked out a 3 per cent increase in net profit after growing funds under management and administration.

Delivering his final results as chief executive before he retires in June, managing director Geoff Lloyd said the $68.1 million net profit was a “solid” result at a time when shareholders and customers alike valued consistency and returns.

“Over the half we have maintained our steadfast focus on protecting and growing Perpetual

for our clients — many of them multi-generational — our people and our shareholders.

Perpetual raised its interim dividend 4 per cent to $1.35.

Revenue rose 6 per cent on the prior corresponding period to $266.8m.

Perpetual (PPT) said funds under management rose by $1.4 billion from the end of the past financial year, to $32.8bn, although pre-tax profit in the flagship division dropped by 1 per cent to $58.1m.

Perpetual Private had $13.7bn in funds under advice, up $200m in the past six months, with Mr Lloyd noting that it was the ninth consecutive half year of net client growth for the division. Interim pre-tax profit rose 24 per cent to $23.1m.

Perpetual Corporate Trust lifted its pre-tax profit 18 per cent to $19.1m. Funds under administration edged up to $662bn and Mr Lloyd said its debt market services business had consistent growth.

At 10.57am (AEDT), Perpetual shares were trading $1.07, or 2.02 per cent, higher, at $53.94.