Westpac's BT lifts annual net profit 10.8%
BT Funds Management (NZ), Westpac's investment arm in New Zealand, has reported a 10.8% rise in annual net profit for the year ended Sept 30, 2024.
Monday, January 20th 2025, 9:13AM
by Jenny Ruth
BT Funds Management (NZ), Westpac's investment arm in New Zealand, has reported a 10.8% rise in annual net profit for the year ended Sept 30, 2024.
The net profit of $6.8 million compares with $6.1 million the previous year.
While the fund manager's interest, net fees and other income rose 13.7% to $48.1 million in the latest year, its operating expenses rose a greater14.6% to $38.6 million.
BT maintained its KiwiSaver default provider status when in May 2021 the government cut the number of providers to six.
The accounts lodged with the Companies Office don't specifically mention the KiwiSaver funds but the latest MJW investment survey showed Westpac had $10.09 billion in KiwiSaver funds under management (FUM) at Sept 30 and BT had $14 billion in wholesale FUM at that date.
The accounts show the biggest increase in expenses was staff salaries and other expenses, which were up 64% to $7.9 million.
Gross investment management fees were up 8.3% to $59.4 million, but volume-related expenses fell 6.5% to just below $15 million.
The company paid Westpac a $6.1 million dividend, down from the $7.3 million dividend it paid the previous year.
The company said its directors performed impairment testing and “confirmed that the company continues to have sufficient headroom when determining whether goodwill is recoverable and no impairment should be recognised.”
The goodwill is valued at $9.07 million at Sept 30 – Westpac bought BT in 2002 for a reported $900 million. The NZ arm wasn't included when Westpac floated the rest of the BT business in 2007.
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