National Australia Bank has announced unaudited cash earnings for the June quarter of approximately $1.1 billion, consistent with previous quarters for NAB.
National Australia Bank continues to grow its Personal Banking franchise, with cash earnings in the June quarter ahead of the quarterly average during the first half of the year.
National Australia Bank Group CEO Cameron Clyne believed the June quarter result delivered on the group’s objectives in building a larger profitable personal banking business.
“In the June quarter NAB delivered solid, sustainable business results, improved customer satisfaction and remained financially strong during what was a period of continued uncertainty in global financial markets,” he said.
“Reaction to NAB’s fee and interest rate initiatives from customers and other stakeholders has been very positive, both in perception of NAB and support for products and services.
“The June quarter results were consistent with the strategy announced last year, particularly the focus on developing our Australian businesses. Personal Banking began to reap the benefit of fee reductions and other initiatives with strong growth in mortgages and new transaction account openings.” he said.
NAB CEO Cameron Clyne believes NAB to be well positioned with its MLC& NAB Wealth divisions for the 2012 change in fees and commissions, with NAB and MLC running educational workshops this month and building momentum in the “fee for advice” financial advice area.
“Furthermore, MLC & NAB Wealth is well positioned for expected regulatory change on fees and commissions. This has attracted advisory businesses to our brand. We are currently transitioning around 20 new advice businesses to MLC licensees. The integration of Aviva is progressing well with cost synergies ahead of expectations and cross-sell opportunities from the JBWere strategic alliance are being developed with NAB Private Wealth.” Mr Clyne said.
