Actually, ive dug a little deeper, not as good as I thought.
Didnt realise ANZ dealergroups were already a part of IOOF. ANZ dealergroups lost money for the 3 month period ($7.5m) kinda illustrating what I was saying that dealergroups arent going to cut it moving forward. If they are losing money now, they are going to get absolutely rogered once the RC recommendations are in force.
What I thought was really impressive increase in FUM was just from ANZ dealergroups coming across and organic growth was non-existent, actually negative.
Net operating margin falling through the floor.
Still better than AMP though.
News: IFL IOOF Holdings HY Underlying NPAT Up 5 Pct, page-11
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