BT Investment Management Ltd. announced today that it has reported a growth of 58% in its net profit for the first half of the fiscal ended March 31. BT said that the full credit of this excellent first half result goes to the recovery of equity and credit markets. Shares of the company rose on the first trading day of the week.

Sydney based BT Investment, 61% owned by Westpac Banking Corporation, today released its results for the first six months of the year ended March 31, 2010.

BT said in its report that the net profit for the first half was reported of $A9.7 million, increasing by 58% while it was reported of $A6.1 million in the same period last year.

The cash profit for the first six months was reported of $A14.2 million, increasing by 11% comparing to the same period last year.

BT said that total funds under management at March 31 were reported of $A36.3 billion, up 19% than at the same time last year.

"With markets showing some positive signs, and in particular the Australian economy recovering quickly, our revenue and profit have been sound," said Emilio Gonzalez, chief executive of BT.

BT also declared a fully franked interim dividend of 5.5 cents per share, compared with the 3 cents per share paid for the same period last year.