if you look into the FUA and FUM they have grown by over 7.4% they haven't included Funds under advice. If we were to calculate the total funds managed it would be over $535b at spot price imo.
Cash earnings of $56m for the half year would be significantly higher than the $89m net profit for FY20 if we were to double the $56m. Page 74 did show $66m net profit before tax though for the first half. All in all, it looks like the MLC business has grown faster than IFL including the P&I business. Also note that net asset value of MLC is valued at $1.45b.
i don't think the market has reacted much to the favourable results of the half yearly report for MLC.
IFL Price at posting:
$3.53 Sentiment: Buy Disclosure: Held
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