Wealth management helps drive nab result
The National Australia Bank’s wealth management division has made a solid contribution to the group’s 22.8 per cent increase in cash earnings to $2.2 billion for the six months to March this year.
National Australia Bank chief executive John Stewart described the result, which included a 7.1 per cent increase in net profit to $2,136 million, as a good all-round result.
Looking specifically at wealth management, Stewart said the division had increased earnings before investment earnings and shareholders retained returns increased by 26.2 per cent to $183 million compared with the same period last year.
“Total net income increased by 12.2 per cent,” he said. “This was driven by strong sales momentum from improved adviser productivity and higher cross selling through the nab network.”
Stewart said funds under management as at March 31 increased 13.1 per cent to $102.4 billion and average annual inforce premiums rose by 12 per cent to $742 million compared with the same period last year.
AUTHOR
Mike Taylor
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