MLC and NAB Wealth helps drive group revenue growth
Wholesale banking and MLC & NAB Wealth have helped boost unaudited cash earnings to $1.4 billion for NAB (NAB) in the first quarter of the 2012 financial year.
The wealth management increase was driven by an improvement in the financial markets and the acquisition of Aviva Investors Australia by nabInvest. The business did suffer net outflows, however, as investors remained cautious, NAB stated.
The improvement in wholesale banking was due to improved sales in the customer business and better trading opportunities in the risk businesses, according to NAB.
However, the revenue in business and personal was flat, with volume growth offset by higher funding costs, which also contributed to a decline in UK banking, the group stated.
"National Australia Bank has recorded a solid performance for the first quarter of the 2012 financial year in what has been a more challenging environment," said group chief executive Cameroin Clyne.
"Higher deposit and wholesale funding costs, softening credit growth and fragile economic conditions continued to be key characteristics of the operating environment in most of the regions in which NAB operates."
Recommended for you
Shadforth CEO Terry Dillon has told Money Management the time is right to pursue inorganic growth as it seeks to double in size by 2030 and acquires a Melbourne advice firm.
Entireti has announced the rebranding of PFS Investment Management, bringing together the group’s investment capabilities to support its licensee network.
Licensees have been urged by ASIC to ensure their advisers’ FAR records are updated, as ASIC’s latest estimates find more than 3,000 advisers could be unable to provide advice next year.
Major licensee Count has enacted its latest M&A deal, acquiring the accounting and audit client base of a Sydney accounting firm.
