National Australia Bank (NAB) has said that cash earnings at its wealth division increased 27% to A$464m for the full year ended 30 September 2015 from A$365m a year ago.
The wealth unit’s net income grew 10.1% to A$1.6bn from A$1.4bn a year ago, while net investments income rose 0.8% compared to the September 2014 full year due to revenue growth from higher FUM.
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For the year ended 30 September 2015, operating expenses dropped 0.9% to A$950m from A$941m in September 2014 primarily due to improved cost control across the business.
The division’s average FUM increased by 10.7% to A$169bn from A$153bn a year ago primarily due to positive market performance as well as the purchase of the boutique fund manager Orchard Street Investment Management (A$6.3bn).
Net insurance income at the unit grew by A$152m or 46.9% compared to the September 2014 full year.
The unit’s net funds flow was negative A$860 million, a fall of A$3bn compared to the September 2014 due to fewer large institutional and wholesale client mandates and the contractual end of one institutional fund mandate (A$1.4bn) in the March 2015 half year.
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By GlobalDataOverall, the banking group reported statutory net profit attributable to owners of the company of A$6.34bn, an increase of 19.7% compared with the year ago period.
