The results are a bit better than analysts that I have seen. What I was most interested in was the second half. Normalised NPAT for the year was $334 but for the second half was $179.1. Return on equity increased above their target. Suggests there is momentum building after the capital raised is not put to work. I also liked the drop in cost to income ratio.
Not so keen on the small profit increase on their funds management.
As usual the headline results can be a bit blurred by normalised (their preferred measure) versus statutory (which includes "investment experience"). And this year removal of the tax benefit also messes up the headline numbers.
As expected we are now getting increased fully franked dividends.
I know there are some here who know a lot about CGF and am keen to hear your thoughts.
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Price($) | Vol. | No. |
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