Challenger’s (CGF) result was a slight miss on expectations but the company remains on track to hit its FY guidance as revenue rises. 1H NPAT rose 5.7%per to $207.9m which was just shy of an expected $210m. NPAT in the six months ended December 31 fell 3% to $195.4m due to a negative investment of $13m. Here are some dot points. Normalised net profit before tax $275m, up 8% Normalised net profit after tax $208m, up 6% Statutory net profit after tax $195m, down 3% Normalised EPS 35.2 cents per share, up 1% Statutory EPS 33.1 cents per share, down 8% Net income $409m, up 7% Expenses $131m, up 4% Normalised cost to income ratio improved by 80 bps to 32.1% Group assets under management $77bn, up 18% Normalised return on equity 16.8% (pre-tax), down 190 bps Half year dividend 17.5 cents per share (fully franked), up 3% Normalised dividend payout ratio 50% Whilst the headline number…

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