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NAB has used its annual results to reveal strong growth in broker volumes and plans to massively expand its white-label offering.
The major bank posted a net profit of $5.1 billion for the 12 months to 30 September 2014, which marked a 0.7 per cent reduction on the previous year.
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The result was affected by after-tax write-offs of $1.5 billion.
NAB's housing lending jumped 12.6 per cent to $249.6 billion, with broker volumes increasing by 13.9 per cent.
Mortgage revenue grew 2.5 per cent to $1.8 billion, while NAB increased its market share from 15.3 to 15.4 per cent.
However, housing lending growth fell from 1.3 times system to 1.1 times system, while net interest margins fell from 1.38 to 1.35 per cent.
NAB-owned aggregators PLAN, Choice and FAST ended the financial year with combined broker numbers of 3,491 – up 6.4 per cent.
The three aggregators increased their settlements by 21.1 per cent to $21.2 billion.
Brokers under NAB white-label aggregator agreements climbed 12.2 per cent to 4,691.
The bank forecast that it would increase this number to 6,800 by the end of 2014/2015, which would represent 45 per cent growth.
Meanwhile, NAB revealed in its annual results that an external review had confirmed the need for an "ongoing technology transformation".
NAB also said its "strong cost disciplines" would continue and that it would not compromise credit standards despite the "challenging revenue environment".
[Related: NAB and brokers gain in half-yearly results]
