Bancorp Wealth Management New Zealand Limited: Bancorp releases positive 2016/2017 half-year results
Bancorp releases positive 2016/2017 half-year results - Revenue sharply higher: NZ$ 17.6 million (previous year: NZ$ 9.9 million) - Significant rise in net profit: NZ$ 2.7 million after a net loss of NZ$ 1.9 million in prior year - Increase in assets under management to NZ$ 114 million (previous year: NZ$ 88 million) - Development is positive throughout the Group
Auckland, New Zealand, 3 April 2017 - Bancorp Wealth Management New Zealand Limited (Bancorp, ISIN: NZBWME0001S2) significantly increased the Group's revenue in the first half of the current 2016/2017 financial year (as per 31 December 2016) to NZ$ 17.6 million (previous year: NZ$ 9.9 million). Net profit after taxes jumped by NZ$ 4.6 million from a loss of NZ$ 1.9 million in the first half of the 2015/2016 financial year to NZ$ 2.7 million in the first half of the 2016/2017 financial year. Earnings per share amounted to NZ$ 0.27 compared to a loss per share of NZ$ 0.20 in the comparable period of the previous year.
The main reason for the strong performance on all Group levels was the restructuring initiated in 2016 and corresponding cost savings and control. At the same time, the international aircraft insurance business has stabilised for the first time in five years, which leads us to expect positive developments in future revenues and earnings at our Boston Marks subsidiary. The aircraft owning and leasing business in the aviation segment reported solid operating performance. At the same time, business in the past six months was adversely affected by currency translation effects. Meanwhile, our fleet comprises around 15 fixed wing and rotor aircraft. The private banking business is developing steadily. Our domestic asset financing activities made a significant contribution to our positive earnings development in the first half of the 2016/2017 financial year.
As of the 31 December 2016 balance sheet date, the Bancorp Group had cash and cash equivalents of NZ$ 5.5 million (31 December 31: NZ$ 8.0 million). The equity ratio amounted to 20.6% (31 December 2015: 23.75%) based on total assets of NZ$ 114.9 million (31 December 2015: NZ$ 88.1 million) and equity of NZ$ 23.7 million (31 December 2015: NZ$ 20.9 million).
The measures already introduced will continue to be applied consistently by the management in 2017 and completed on schedule. The aim is to position Bancorp as a well-capitalized company and thereby strengthen its market position and promote the Group's further growth while increasing its profitability at the same time. The Board of Directors
The Annual Report as well as other information can be found at: www.bancorp.co.nzAbout Bancorp: Bancorp Wealth Management New Zealand Limited (ISIN: NZBWME0001S2) is active in the business areas of asset management and private banking. The Group's main strategic focus in asset management is in aviation. Bancorp holds equity investments in the insurance brokerage and aviation financing sectors as well as in aviation-related companies.
03.04.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de