This represents a 22 per cent increase in net profit from the first half of the 2013 financial year.
Underlying profit after tax also saw significant growth, increasing 37 per cent to $48.1 million from the corresponding 2013 period.
Perpetual chief executive Geoff Lloyd said the improvement from the previous period shows the “disciplined execution of the Transformation 2015 strategy as well as stronger equity markets”.
He also said the growth agenda has been accelerated by the acquisition of The Trust Company, reported by InvestorDaily in December last year.
He said the acquisition has added “significant scale and capability” to the business.
Mr Lloyd said Perpetual has been focused on “reducing costs and driving growth initiatives to improve flows and revenues, while maintaining client advocacy”.
This he said has put the company in a good position to integrate Perpetual and The Trust Company in a way “which benefits our clients, shareholders and employees”.
While Mr Lloyd said Perpetual was not prepared to give a number in terms of potential job cuts resulting from the takeover, he did indicate there will be at least some reduction in jobs.
He said that the synergies of Perpetual and the Trust Company are “built around efficiencies and scale” and that there will be “significant people sent apart from that synergy”.
“Looking ahead, we remain focused on delivering our T15 commitments in order to continue simplifying, refocusing and growing Perpetual,” he said.
“I am confident that a leaner, more profitable Perpetual is well placed to benefit from long-term market growth, improving investor and consumer sentiment, and growing retirement savings.”
