Bell Financial Group reports $21.7M H1 profit
- Bell Financial Group reported a half-year net profit after tax of $21.7 million.
- The company's share price was up at $1.51 following the latest earnings release.
- Management stated that a diversified business model and improving market conditions drove the result.
Bell Financial Group (ASX:BFG) reported a net profit after tax of $21.7 million for the half year ended June 30, alongside revenue of $165.6 million.
The financial results reflected a 133.3% increase in net profit after tax compared to the prior corresponding period.
"The strength of these results demonstrates the benefits of our diversified business model as we grow into a more holistic wealth manager," said Bell Financial Group Co-CEO Arnie Selvarajah.
The company recorded earnings per share of 6.8 cents while funds under advice reached $91.4 billion.
Following the announcement, the Bell Financial Group share price was up at $1.51.
The company’s board declared a fully franked interim dividend of 5 cents per share.
The business maintained a balance sheet with no operating debt and $118.3 million in company-held cash.
Markets revenue rose to $110.8 million while the platforms' revenue increased to $50.2 million over the same period.
