Key points:
Financial
· Fee based revenue of £706m (H1 2019: £815m), 13% lower mainly reflecting 2019 outflows, client preferences changing asset mix in this environment, and Lloyds Banking Group (LBG) tranche withdrawals
· Adjusted operating expenses of £601m (H1 2019: £673m), reduced by 11% due to realisation of synergies and other efficiencies
· Adjusted profit before tax of £195m (H1 2019: £280m), 30% lower largely reflecting lower revenue
· IFRS loss before tax of £498m (H1 2019: £629m profit) reflecting impairment charges relating to goodwill and intangible assets partly offset by gains on sales of Indian investments (HDFC Life and HDFC Asset Management)
· Impact of COVID-19 on H1 2020 results was largely in relation to lower fee based revenue, impairment charges and c£10m savings on discretionary costs
· Strong balance sheet including surplus regulatory capital of £1.8bn, up compared with £1.7bn at FY 2019
· Maintained interim dividend at 7.3p (H1 2019: 7.3p)
And later;Dividends
The Board has declared an interim dividend for 2020 of 7.3p (H1 2019: 7.3p) per share which will be paid on 29 September 2020 to shareholders on the register at close of business on 21 August 2020. The dividend payment is expected to be £159m.
https://www.investegate.co.uk/standard- ... 00054328V/
Part 2 https://www.investegate.co.uk/standard- ... 00144320V/
Part 3 https://www.investegate.co.uk/standard- ... 00194319V/