National Australia Bank (NAB) has reported a 4.2 per cent increase in net profit to $4.6 billion.
The Bank's wealth management division MLC's revenue grew by 14.5 per cent for the year ending September.
The business increased its funds flow by 213 per cent to $6.4 billion resulting in a 17.1 per cent increase in funds under management.
"Our wealth business showed strong growth assisted by changes to superannuation legislation during the year," NAB group chief executive John Stewart said.
Stewart said the cross selling of products between the NAB and MLC businesses continued to improve.
This cross selling resulted in a 67 per cent increase in investment sales with insurance sales up 15 per cent.
In its annual report to shareholders NAB said it had solved the problem of conflicts of interest by shifting from a commission based structure for its dealer groups to a fee-for-service model.
