IOOF Holdings sees profit hurt by remediation costs

Wealth manager IOOF Holdings (ASX:IFL) released their results today for financial year 2019 showing statutory net profit after tax (NPAT) $28.6 million, down 67.7 per cent.

This was due to remediation costs incurred after the Royal Commission inquiry into the finance sector.

Underlying NPAT at $198.0 million, up 3.4 per cent.

The company have made a provision of $182.7 million for remediation and program costs of $40.4 million.

CEO, Renato Mota says it has been one of the most challenging years of their company.

Fully franked final dividends of 19 cents per share.

Shares in IOOF Holdings (ASX:IFL) are trading 10 per cent lower at $4.68.

Copyright 2019 – Finance News Network

Source: Finance News Network