NAB reports $2.55 billion first half profit

NAB funds

4 May 2017
| By Mike |
image
image
expand image

National Australia has continued to reap the benefits of its strategy changes, reporting a first-half statutory net profit of $2.55 billion compared to the $1.74 billion loss it reported for the March 2016 half-year.

The big banking group said the improved result primarily reflected reduced losses from discontinued operations, and acknowledged that excluding those discontinued businesses statutory net profit decreased by 11.4 per cent.

The Board announced an interim dividend of 99 cents per share, fully franked.

The half-year results pointed to NAB continuing to struggle in its wealth businesses, with the Consumer Banking and Wealth division reporting stable cash earnings of $764 million “impacted by higher funding costs, increased competition in home lending and reduced wealth income”.

Commenting on the result, NAB Group chief executive, Andrew Thorburn described it as “solid” and said it reflected improved momentum as the company executed its strategy.

He said the operating environment for banks remained challenging, including heightened regulatory change, digital disruption and increasing stakeholder expectations.

However Thorburn said Australia’s economic fundamentals provided a favourable backdrop including strong population growth and improving business conditions.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 days 16 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

6 days 22 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 4 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 6 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

5 days 19 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

4 days 22 hours ago