In a turnaround from last year’s profit slump, NAB has announced cash earning of $5.94 billion, just over 9% for FY 13.
NAB Group CEO Cameron Clyne said the results were pleasing, and showed signs of a recovery in the UK economy – the main reason for last year’s drop.
There has been a lot of discussion regarding the bank’s restructuring throughout the year, and Clyne says that the restructuring was a critical announcement.
“It really reflects the fact that the external environment’s changing and some of the changes we’re making internally have really ignited some possibilities.”
The full year results have revealed a 4.6% drop in adviser numbers, as 88 “underperforming” advisers left the business.
The wealth arm of NAB is still going through rough times in terms of insurance changes, says Clyne, but has benefitted from an increase in funds under management coming in.
NAB Wealth net operating income decreased by $180 million as a result of the insurance changes. Cash earnings in this arm of the business also decreased by $26m, or 5% compared to last year.