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NAB increases compliance spend by 80 per cent
National Australia Bank (NAB) has increased its compliance spend by $107 million in the last year to address Stronger Super and Basel III regulatory requirements.
That is an 80 per cent increase on last year, according to the bank's 30 September full-year report published on the Australian Securities Exchange this morning.
"This supported activities in wholesale banking to address Basel III regulatory requirements and derivative reforms, and in NAB Wealth to ensure compliance with legislation over financial advice and stronger superannuation reforms," NAB said in its report.
The bank has reported a strong result, with a 33.6 per cent increase in overall net profit attributable to owners in the September 2012 full year to $5.45 billion.
NAB Wealth, however, reported a mixed result mostly due to the challenging conditions in the insurance industry.
In its strategy update, the bank pointed to its continued focus on banking services for superannuation and the ageing population.
"Throughout the year NAB continued to deliver integrated banking and wealth solutions to corporate and institutional superannuation customers," NAB said.
"It launched a strategic clearing house solution for not-for-profit superannuation funds and invested in customer-focused training programs for bankers."
The report also claimed the bank had enhanced its value proposition for self-managed super fund (SMSF) customers.
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