Bell Financial Group Posts Record 1H26 Earnings as NPAT More Than Doubles

Bell Financial Group posts record first-half earnings as NPAT surges 133%

In its 1H26 results presentation, released 13 August 2026, Bell Financial Group (ASX:BFG) reported record first-half earnings, with revenue reaching $165.6m, up 36.3% on the prior corresponding period, and net profit after tax (NPAT) climbing 133.3% to $21.7m.

Management attributed the result to stronger market conditions and increased trading activity. The period also saw the successful launch of Bell Potter Private Wealth and the Bell Cash Account as strategic milestones. Earnings per share (EPS) rose 134.5% to 6.8¢, while the interim dividend increased 66.7% to 5.0¢ per share.

What drove the result — a two-division engine

Bell Financial Group operates across two divisions: Markets and Platforms. The first-half result reflected a sharp rebound in the Markets Division alongside steady, scalable growth in Platforms.

BFG’s April 2026 trading update, which covered an unaudited four-month period to April, had already signalled the strength of the recovery, with Markets division NPAT up 423% and group revenue tracking 37% ahead of the prior period, setting the context for the record first-half result.

Markets Division rebound

The Markets Division reported revenue of $110.8m, up 59.7%, with NPAT returning to profit at $8.5m from a $2.8m loss in 1H25. Management noted the positive market sentiment seen in the second half of 2025 carried into the reporting period.

Secondary contributors included:

• Retail and institutional broking activity drove revenue to $55.6m, up 27.5%

• The Equity Capital Markets team completed 35 transactions, raising more than $1.2b in new equity capital and generating revenue of $45.3m, up 137.2%

• Foreign Exchange revenue rose 30.8% to $5.1m

Platforms Division steady growth

The Platforms Division reported revenue of $50.2m, up 8.4%, and NPAT of $13.2m, up 9.1%. The NPAT margin expanded to 26.3% from 26.1%, demonstrating the resilience and scalability of the segment.

Profitability growth was partially impacted by a one-off investment in the new Bell Potter Private Wealth, positioning the division for future growth.

Understanding funds under advice — why FUA matters

For a wealth manager, Funds Under Advice (FUA) represents the total value of client assets advised, managed or administered by the firm. Funds Under Management (FUM) is a narrower measure covering assets the firm actively manages, including wealth assets, cash deposits and portfolio lending. Both metrics matter because larger asset pools generally signal recurring revenue streams and greater business scale.

The half-year figures showed:

• FUA of $91.4b, down 0.8% since December 2025, broadly tracking a 0.4% dip in the Australian equity market

• FUM growth of 3.5% to $9.8b

Notably, Bell Potter Private Wealth recorded a record inflow of $0.5b, indicating client-driven growth independent of broader market movements.

Strategy in action — new platforms and product launches

Management outlined measurable progress across five core strategies aimed at building a more diversified, resilient business. Two product launches featured prominently in the update.

Bell Potter Private Wealth

Phase 1 is complete, with the new platform launched in July 2026. Phase 2 will focus on growing FUA, improving productivity and realising the platform’s full benefits. The offering provides a consolidated wealth management solution, bringing cash, direct shares and Bell Potter IDPS together in one place.

Bell Cash Account

Described as an “integrated, ANZ-backed cash solution,” the Bell Cash Account launched in April 2026. It is designed to simplify trade settlement and put idle cash to work. Management stated the product aims to grow the firm’s market share of deposits and lift recurring revenue through competitive interest rates and seamless settlement.

Balance sheet strength underpins dividend and growth

Bell Financial Group ended the reporting period with $118.3m in company-held cash and no core debt. Net assets stood at $255.6m, with net tangible assets of $107.1m.

At June 2026, valuation metrics included a market capitalisation of $445.8m, an EV/EBITDA multiple of 5.0x, a price earnings ratio of 9.2x and a gross dividend yield of 11.8%. This balance sheet position supports both shareholder returns and continued investment in growth.

Key presentation takeaways highlighted record 1H earnings driven by stronger market conditions and trading activity, and a strong balance sheet supporting future growth and shareholder returns.

Key dividend dates outlined in the presentation are:

• Ex-dividend date: 26 August 2026

• Record date: 27 August 2026

• Payment date: 8 September 2026

Outlook — building on early momentum

Management provided a measured forward view, acknowledging that markets remain exposed to ongoing volatility. Priorities outlined in the presentation include:

1. Markets: ongoing volatility is expected from geopolitical tensions, inflationary pressures and central bank policy decisions

2. Bell Potter Private Wealth: build on early momentum following the 1 July launch, targeting continued growth and margin improvement

3. Bell Cash Account: continue the rollout while enhancing the client experience

4. New model portfolios and separately managed accounts targeted for 2H26

5. New client digital portals across web and mobile on track for 2H26

The presentation framed these initiatives as part of a broader push toward diversification and resilience, building on the momentum established during the first half.

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