Public Trust reports higher profit

Public Trust today reported a $2.1 million annual profit, up from $1.04 million last year.

Public Trust was set up 133 years ago and is government owned. It drafts more than 21,000 wills a year.

Public Trust chief executive Pat Waite said Public Trust's equity increased to $42.1 million from $40.1 million. The surplus was a 5.1 per cent return on equity, up from 2.7 per cent last year.

"Our investment in research has given us a better understanding of the needs of New Zealanders and these insights are now impacting upon our results. Our brand awareness has increased and we are seeing a corresponding growth in the services we provide," he said.

The result was boosted by a strong performance by investments and there was also a $517,000 improvement in the surplus before tax excluding investment gains.

Funds under management in the common fund were up $107 million, while funds under supervision increased by $1.58 billion to $13.16 billion at year end.

- NZPA