New NAB Wealth team cited in half-year result
National Australia Bank (NAB) has specifically referenced the new team within its wealth division "gaining traction" as it reported a 15.8 per cent increase in half-year net profit to $2.86 billion.
Releasing the half-year result to the Australian Securities Exchange (ASX) today, the directors declared an interim dividend of 99 cents per share, fully franked.
Commenting on the result, NAB chief executive Cameron Clyne described the result as "good", with progress having been achieved on a number of fronts.
In doing so, he specifically referenced NAB Wealth where he said: "Results show early signs of the new team and strategy gaining traction, with retention initiatives delivering improved insurance lapse performance over the year and closer integration between Australian Banking and NAB Wealth driving good growth in corporate super inflows".
The ASX announcement said NAB Wealth cash earnings were $174 million, flat on March 2013, but noted that income benefited from strong growth in funds under management as a result of investment market performance and positive net fund flows over the last three halves.
However it said this had been offset by higher group insurance claims and higher costs to support regulatory change initiatives.
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