FY21 HALF YEAR RESULTS PRESENTATION
9 February 2021
Stuart Irving, Chief Executive Officer and President
Nick Oldfield, Chief Financial Officer
1H21 Results
Business performance ahead of plan - interest rates impact earnings, dividend maintained and full year guidance upgraded
Management Revenue | Margin Income | Management EPS | ||
$1.1bn | 3.2% | $55.2m | 52.4% | 21.77cps | 24.8% |
Management Revenue ex MI | Management EBIT ex MI | Interim Dividend Per Share | ||
(AUD) | ||||
$1.0bn | 2.4% | $135.2m | 9.8% | 23.0cps | Maintained |
2 | Notes: All figures in this presentation are presented in USD millions and in constant currency, unless otherwise stated. Reconciliation of statutory to management results can be found on slide 19. |
1H21 Management Results include $15.2m of one-off costs. |
1H21 Management EPS
Strong operating performance and cost out programs driving above target 1H
28.96 | |||
8.36 | |||
cps | 0.85 | 3.12 | 21.77 |
2.11 | ~ 20.00 | ||
USD | |||
1.50 | 5.03 | ||
3.52 | |||
1.00 |
1H20 | Margin Income | Increased | 1 | One off costs 2 | US Mortgage | UKAR fixed fee | BEAT (timing) 3 | Cost out | Operating | 1H21 | 1H21 |
Management EPS | Amortisation | Services | reduction | program savings | earnings growth Management EPS Management EPS | ||||||
foreclosure | initial guidance | ||||||||||
moratorium |
1 Reflects change in the amortisation period for interest rate-sensitive MSRs from 9 to 8 years for US Mortgage Services. 2 One-off costs reflect non recurring regulatory levy and a provision against a receivable | |
3 | for Class Actions. 3 Base Erosion and Anti-Abuse Tax for the US. |
1H21 Summary
Growth in fee revenues and contributions from cyclical businesses
Issuer Services revenue
growth
Margin income client
balances higher than plan
Employee Share Plans transactions recovery
Volatile market conditions &
ongoing foreclosure
moratorium impacting US Mortgage Services profit, some revenues deferred
Good contribution from
cyclical Bankruptcy business
Cost out programs remain
on track
Consistent fee growth in
Corporate Trust
Operating Performance
supports positive 2H outlook
4
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