Pendal’s (ASX:PDL) profit jumps 41.5%

Funds management group Pendal (ASX:PDL) has reported an increase in profit for the 12 months ending 30 September 2021, driven by growth in revenue and funds under management (FUM).

Net profit after tax of of $164.7 million rose 41.5 per cent from the prior year, with revenue up 34.6 per cent to $627.4 million. Pendal finished the year declaring a final dividend of 24 cents per share, which brings the total dividend for financial year to 41 cents per share, up 11 per cent from the prior year. Full-year earnings per share climbed 17 per cent to 48.2 cents.

FUM for the year reached $139.2 billion, up 51 per cent prior year. Pendal said the growth in FUM was driven by the completed acquisition of Thompson, Siegel & Walmsley, a US based investment management group. 

“With the strongest 12-month growth in global equity markets for 30 years, Pendal’s scale and diversified global business means we have been well positioned to benefit, delivering a significant increase in FUM, revenue, profitability and shareholder returns,” said CEO Nick Good.

“Conversely, it has been another challenging year for individuals, businesses and society as the impact of COVID-19 continued, however with the rollout of vaccines a pathway to normality has opened up.”

Shares in Pendal (ASX:PDL) are trading 2.6 per cent higher at $7.13.