August 6, 2018 / 10:57 PM / 4 months ago

Australia's IOOF posts 24 pct fall in annual profit

Aug 7 (Reuters) - Australian wealth manager IOOF Holdings Ltd said annual profit fell 24 percent, hurt by further costs related to its acquisition of Australia and New Zealand Banking Group’s wealth management business.

Net profit was A$88.3 million ($65.18 million) for the year ended June 30, compared with a profit of A$116 million a year ago, the listed wealth manager said on Tuesday.

IOOF declared a final dividend of 27 cents per share, in line with its dividend a year ago.

$1 = 1.3546 Australian dollars Reporting by Ambar Warrick in Bengaluru Editing by Byron Kaye and Sandra Maler

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