NAB Wealth improves result
NAB Wealth showed improved cash earnings in the bank’s 2014 First Quarter Trading Update released to the Australian Securities Exchange (ASX) today.
Strong market performance drove improved investment earnings with 13 per cent annualised growth in funds under management.
Benefitting from the non-recurrence of actuarial assumption changes in September 2013 Half Year, insurance earnings also increased.
According to the ASX announcement revenue improved by approximately 1 per cent from the September 2013 half year result.
“The Group achieved a solid first quarter result, with a continuation of the trends evident in the second half of 2013 results, including further improvement in asset quality and good growth in mortgages,” National Australia Bank Group CEO, Cameron Clyne said.
However higher lending balances were partly offset by a lower customer margin reflecting increased asset competition.
“While recent improvements in business confidence and conditions are encouraging, we are yet to see this translate into a meaningful increase in demand for business credit, and competition in this space remains elevated,” Clyne said.
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