Netwealth Group (ASX:NWL) reports 9% increase in FUA in Dec quarter

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Netwealth Group (ASX:NWL) reports 9% increase in FUA in Dec quarter

ASX NWL, Netwealth share price, ASX Netwealth revenue, ASX NWL quarterly results
Image source: © Cammeraydave | Megapixl.com

Highlights

  • NWL has achieved solid FUA net flows of AU$3.6 billion, up 41% from the previous year. 
  • Margin across all cash accounts from 25th March 2022 to be nearly 50 bps above RBA Rate.
  • NWL anticipates FUA net inflows to exceed AU$13.5 billion in FY2022.

The shares of ASX listed superannuation products provider Netwealth Group Limited (ASX:NWL) have been grabbing the attention after the company announced its quarterly results.

Key Highlights from quarterly report:

  • Netwealth booked record funds under administration (FUA) net inflows of AU$3.6 billion, up 41% from the prior year.
  • The company’s FUA grew to AU$56.6 billion, reflecting a significant increase of AU$17.9 billion from December 2020, including the positive market movement of AU$4.9 billion.
  • NWL’s managed account balance also jumped by 53.9% from December 2020 to AU$11.7 billion.
  • The company also expects the margin across all cash accounts from 25th March 2022 to be nearly 50 bps above RBA Rate.
  • The company has accelerated its investment technology in the first half of FY2022 to build its client support and drive new revenue streams.
  • With solid quarterly results for the latest quarter, NWL anticipates FUA net inflows to exceed AU$13.5 billion.

Today, NWL shares were trading 1.77% higher at AU$16.72 at 1.16 pm AEDT.

Releated read - Harmoney (ASX:HMY) shares close in green on strong 1H FY22 performance

Bottomline 

The company is pretty confident in the December quarter results; and expects to remain in a solid financial position this year with a stable EBITDA margin.

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