NAB banks on wealth management
TheNational Australia Bank(NAB) delivered its six month results to March 31, 2002 yesterday, reporting a net profit from core operations of $2,156 million, up by 15 per cent from the previous year and assisted substantially by growth in its wealth management division.
NAB chief executive Frank Cicutto reported a 7 per cent increase in operating profit to $211 million for the wealth management division.
The division now has $70 billion in funds under management and administration.
Last month, NAB released its Positioning for Growth Program, revealing that it would reinvest $200 million into its Australian wealth management business over the next three years.
Commenting yesterday on the recent restructuring within the NAB, Cicutto said the group was now well placed to deliver cash earnings growth of more than 10 per cent and group cash earnings per share growth of 7-10 per cent for the full year.
“We have sharpened our focus and strategic agenda, which includes strengthening and growing our core banking and wealth management businesses to deliver integrated financial services. Several hundred million dollars have been earmarked for investing in wealth management in Australia and the United Kingdom,” Cicutto says.
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