Public Trust Releases Full-Year Results For Year Ended 30 June 2024

Public Trust, New Zealand’s largest provider of trustee and estate administration services, today announced revenue of $83.2 million for the full year ended 30 June 2024 (FY24), up 14.3% on the previous financial year. The autonomous Crown entity posted a net profit after tax of $7.1 million and has declared a dividend of $2 million.

Chief Executive Glenys Talivai said Public Trust was delivering value for New Zealanders.

“Our focus on growing a sustainable trustee and supervisory business that is compelling, relevant, and accessible to all New Zealanders has never been stronger.

“We continued to strengthen our balance sheet, with growth in Retail and Corporate Trustee Services revenue, supported by continued cost discipline. Investment funds under management also delivered revenue growth, benefitting from higher interest rates.”

During the year, Public Trust helped thousands of people write their will or an enduring power of attorney. “Our culture of care, for our people and customers and business, remains a point of difference in a strongly competitive market.

“Given the challenging economic environment, it’s more important than ever that we provide value for money so we can deliver our services to more people”, said Talivai.

Public Trust is investing in its future growth, supported by digital delivery.

“As New Zealand grows and evolves, so does Public Trust. Demand for our specialist services is increasing, reflecting New Zealand’s ageing population and the intergenerational transfer of wealth in motion,” said Talivai.

“Technology plays an increasingly pivotal role in improving service accessibility and delivery. With over 70% of new wills and enduring powers of attorney now completed online, Public Trust’s digital strategy will enable us to keep pace with forecast growth and changing customer preferences.”

Dividend

Chair Ian Fitzgerald said Public Trust’s financial performance is a result of a multi-year business plan.

“With the right services, people and plan for success, Public Trust is confidently executing its business strategy. Due to a strong financial performance and balance sheet, the Board is pleased to be able to declare a dividend of $2 million. This dividend is a significant milestone as it is the first time Public Trust has made a dividend from annual profits.”

Fitzgerald said the business was well positioned to meet the Government’s ongoing expectations of Public Trust as a commercial entity.

“We recognise the value we create benefits a wide range of stakeholders. We remain focused on finding ways to be more efficient and effective as we deliver on our commercial mandate. To maintain our market leadership, Public Trust will continue to evolve by focusing on what matters most to our customers and embracing innovation.”

Performance highlights from 2023/2024 financial year   

• $83.2 million annual revenue – up 14.3% YOY
• $7.1 million net profit before tax
• $2.0 million dividend to the Government
• $1.4 billion investment funds under management as at 30 June 2024
• $91.6 billion Corporate Trustee Services consolidated funds under supervision as at 30 June 2024; $45.1 billion of which is KiwiSaver.

Public Trust FY24 Annual Report is available online at publictrust.co.nz/financial-reports-and-statements.

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