Insignia Financial reported a 17.1% decline in its Underlying Net Profit After Tax

Insignia Financial Ltd (ASX: IFL) announced its 1HFY23 results as follows:

• The gain on sale of the Australian Executor Trustees Ltd was the primary factor in the net profit after tax (NPAT), rising 67.1% from the prior comparable period (pcp) to AU$45.1 million, including ceased activities (AET).
• Underlying net profit after tax (UNPAT), excluding discontinued activities, was AU$94.4 million, which decreased by 17.1% from the prior period.
• Expenses fell 7.3% due to synergies, offsetting a net revenue drop of AU$67.5 million or 8.9%, primarily due to market movements.
• Due to weak market performance, funds under management and administration (FUMA) decreased by AU$5.5 billion to AU$285.1 billion for the six months ended on December 31, 2022.
• Net flows increased by AU$0.3 billion in Asset Management on previous corresponding period and by AU$0.9 billion in Platforms.

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