Netwealth profit jumps 24 per cent

Netwealth has posted a $83.4 million net profit after tax for FY24, an increase of 24.1 per cent compared to FY23.  

Funds under administration stood at $88 billion as at 30 June, representing 25.2 per cent growth. EBITDA for the financial year was $124.7 million, up 23.8 per cent from the previous year.  

Netwealth also announced an “accelerated acquisition” of Xeppo, a financial advisory and accounting tool that will add to Netwealth’s data management and analytics capabilities.  

The company will pay a fully franked dividend of 14 cents per share for H2FY24. The ex-dividend date is 26 August and payable on 26 September.