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.
Recommended for you
In this week’s special edition of Relative Return Insider, we bring you outgoing Financial Services Minister Stephen Jones’ keynote from Momentum Media’s Election 2025 event, followed by a Q&A focused on the Delivering Better Financial Outcomes reforms.
In this week’s episode of Relative Return Unplugged, Dr Vladimir Tyazhelnikov from the University of Sydney’s School of Economics joins the show to break down the shifting sands of global trade dynamics and attempt to understand the way US President Donald Trump is employing tariffs.
In this week’s special episode of Relative Return Unplugged, we present shadow treasurer Angus Taylor’s address at Momentum Media’s Election 2025 event, followed by a Q&A covering the Coalition’s plans for the financial services sector.
In this week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.
