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 episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to discuss Australia’s stagnating productivity ahead of the government’s economic reform roundtable, and how picking all the “low-hanging fruit” for reform in the ’90s helped kick off a surge that has since stalled out.
In this episode of Relative Return Insider, host Keith Ford is joined by Cyber Daily deputy editor David Hollingworth to take you inside the evolving landscape of cyber crime, how even huge companies can be at risk of breaches, and what that means for anyone trying to understand the risks.
The latest episode of Relative Return sees host Laura Dew chat with Richard Ivers and Mike Younger, co-portfolio managers at Prime Value Asset Management, on their newly launched Microcap Fund and opportunities in small and mid-cap shares.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford dive into the week's top news, from investors remaining blasé about tariff announcements to bitcoin surging and unemployment numbers.
