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NAB recruits 338 brokers in 12 months

The major bank has has grown its broker force by 8 per cent over the year to 30 September as third-party volumes approach $100 billion.

NAB’s full-year results, released Thursday, show the group recruited an additional 338 brokers across aggregators PLAN, Choice and FAST for the 12 months ended 30 September 2017.

There are now 4,637 brokers operating under NAB-owned aggregators, up 33 per cent since 2014.

Mortgage volumes through the third-party channel hit $98.5 billion over the year to 30 September, up 12 per cent on the $88.2 billion recorded in 2016.

NAB delivered a $5.3 billion statutory net profit for year and cash earnings were up 2.5 per cent to $6.6 billion.

“Our FY17 result represents another year of consistent delivery. Cash earnings and revenue are up, asset quality is a highlight again, and we have further strengthened our balance sheet,” NAB CEO Andrew Thorburn said.

“We have made strong progress over the past three years and now we announce an acceleration of our strategy.

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“This involves an estimated $1.5 billion increase in investment by the end of FY20 to further improve the experience for our customers, reshape our workforce and grow our bank.

“Cost savings of greater than $1 billion are targeted by the end of FY20 as we further simplify our business. We have a clear plan to deliver for our customers. We move forward with confidence and a purpose to ‘back the bold who move Australia forward.”

NAB grew its mortgage book by 5.1 per cent over the year to $292.6 billion. Broker-originated loans accounted for 33.7 per cent of the total portfolio at 30 September 2017, up from 31.7 per cent the previous year.

In his economic outlook Mr Thorburn noted: “Some slowing in the housing cycle and a moderation in housing credit is expected, but downside is likely to be limited by strong population growth and low unemployment.”

[Related: NAB to pay $50m in rate-rigging settlement]

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