Major lender NAB
has reported a 12% growth in lending volumes through the broker channel, driven by growth in white label settlements, ongoing broker recruitment and increased broker productivity.
According to NAB’s full year results released yesterday, the major bank reported a total of $83.4 billion in loan settled through the third party channel in the year to September 2015, up from $74.5 billion recorded in the year to September 2014.
NAB’s direct retail channel processed more in terms of volume of lending, settling $104.5 billion in home loans over the year, however, the major’s proprietary channel only grew its lending volumes by 7% over the year – up from $97.5 billion settled in 2014 financial year.
The growth in the broker channel was driven by white label settlements, ongoing broker recruitment under owned aggregators and increasing broker productivity. According to the results, NAB entered five new white label partnerships over FY2015, providing access to approximately 6,000 across the country and boosting its white label settlements by 14% over the year.
Further, its aggregators – Plan, Choice and Fast – together recruited more than 400 new brokers into their networks and improved on their broker productivity with an 11% uplift in average sales per broker.
NAB’s total mortgage book grew almost 8% to $268.5 billion, with the major bank now holding 14.8% of all home loans in Australia. This was growth of 0.9 times system growth.
The major bank recorded a 19.7% increase in its statutory net profit after tax, to $6.34 billion.