NAB Wealth helps solid quarter
National Australia Bank (NAB) has specifically referenced an improvement in the performance of its wealth business as it announced what it described as a "good" result in its Third Quarter Trading Update with a nine per cent increase in unaudited cash earnings to approximately $1.75 billion.
The trading update, released on the Australian Securities Exchange (ASX) today, saw the NAB Group chief executive, Andrew Thorburn referencing continuing momentum across the Australian and New Zealand businesses.
He said it was also pleasing to see results continue to improve in NAB's Wealth business, including delivering strong investment fund performance to the bank's customers.
Thorburn said the bank had continued to make good progress addressing its legacy and low returning assets to enable a greater focus on building a stronger Australian and New Zealand business.
The bank's broader business unit commentary said NAB Wealth cash earnings had increased, benefitting from favourable investment markets, and higher premiums combined within lower retail claims.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
