Photo courtesy: Public Trust Hall NZ
Public Trust, New Zealand’s provider of wills, trustees, and estate administration services, has reported an increase in its revenue by 14.3% compared to the previous year, reaching $83.2 million. Profits before tax rose to $7.1 million, up from $2 million in 2023.
New Zealand’s increasing elderly population is contributing to the organisation’s growth, chief executive Glenys Talivai said.
“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.”
This growth has allowed for a $2 million dividend to the government, marking the first time this has been achieved from annual profits.
Talivai indicated that Public Trust has continued to enhance its balance sheet, experiencing growth in revenue from both retail and corporate trustee services, which has been bolstered by effective cost management. Additionally, the investment funds under management have also seen revenue increases, benefiting from the rise in interest rates.
Public Trust has also been able to meet the increasing demand for online services.
“Technology plays an increasingly pivotal role in improving service accessibility and delivery,” Talivai said.
“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,” she added.
The entity’s corporate trustee services supervise a total of $91.6 billion consolidated funds, with $45.1 billion attributed to KiwiSaver.