NAB’s solid first quarter
National Australia Bank has reported a solid first quarter trading result with first quarter cash earnings up six per cent on the prior corresponding period to $1.65 billion.
The company announced to the Australian Securities Exchange (ASX) today that on a statutory basis, the unaudited net profit attributable to the owners for the December quarter was approximately $1.80 billion.
Commenting on the first quarter trading result, NAB chief executive, Andrew Thorburn described it as a "solid" and a reflection of the group making progress against its strategic priorities.
The bank's commentary also noted that NAB Wealth cash earnings had improved over the quarter, benefitting from higher insurance premiums and stable claims and lapses combined with the impact of higher funds under management.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
