Bell Financial Group Ltd (ASX:BFG) is a diversified provider of financial products and software solutions within, and increasingly outside, its traditional full-service stockbroking business. BFG has released its FY25 results with the headline NPAT well guided, and as a result in-line with RaaS estimates at $30.0m, +17% on the previous corresponding period (pcp), incorporating a 90% increase in H2 FY25 NPAT on the pcp. Divisional details reveal the strongest half for broking NPAT since H2 FY21 (albeit boosted by $4m in pre-tax gains on investments), a significant improvement in the H2 FY25 net interest margin for margin lending (driving a 37% increase in FY25 NPAT), one-off investment costs in H2 FY25 for Bell Potter Private Wealth as the new wealth platform goes live ((powered by Praemium – (ASX:PPS)) and a closing cash balance of $146m. BFG looks set for a strong H1 FY26, with ECM activity already well above the pcp with a strong pipeline, a full six months of Macquarie on-line broking customer migration (three months in H1 FY25) and the annualisation of net interest margin efficiencies for margin lending. We make modest adjustments to our earnings forecasts but are yet to fully incorporate the benefits of a more holistic wealth platform. Our SoTP valuation is $2.40/share (down from $2.45/share).