The Netwealth Group Ltd (ASX: NWL) share price is up 8.7% to around $14.24 in Wednesday trading after the financial services company reported full-year total income up 20% to $173 million and net profits after tax (NPAT) up 3% to $56 million.
The company declared a fully franked final dividend of 10 cents per share, taking total FY22 dividends to 20 cents per share, an increase of 8% compared to FY21.
The Netwealth final dividend will be paid to eligible shareholders on 29 September 2022. Netwealth shares go ex-dividend on 30 August.Â
Based on a Netwealth share price of $14, the stock trades at 63 times earnings and on a fully franked dividend yield of 1.43%.
Looking ahead, Netwealth said it anticipates net inflows to be in the range of $11 billion to $13 billion in FY23 as it continues to focus on profitable growth.
Over the past 12 months, Netwealth shares have fallen 8%, compared to a fall of 6.6% in the S&P/ASX 200 Index (ASX: XJO). Fellow financial services stock HUB24 Ltd (ASX: HUB) shares have fallen around 7% in the last year.
The post Netwealth lifts full-year dividend on record inflows appeared first on The Motley Fool Australia.
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Motley Fool contributor Bruce Jackson has positions in Hub24 Ltd and Netwealth. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Hub24 Ltd and Netwealth. The Motley Fool Australia has positions in and has recommended Hub24 Ltd and Netwealth. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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