Daily Dispatches: mixed results for financial services firms

National Australia Bank posted a 22 per cent fall in its first-half net profit today after booking higher losses on the market value of derivatives, while cash earnings were boosted by a fall in bad debt charges and improved profit in its business banking and wealth management arms. (The Australian)

Westpac has delivered the sort of bulked profit numbers that inspire tabloid television and prime ministers to go throwing around the O-word. Indeed, Westpac boss Gail Kelly was bluntly accused of manufacturing an "obscene" profit at yesterday's media conference while earlier, news of the bank's strongly improved performance had that new BFF of Australian commerce, Kevin Rudd, going all Roy & HG on the sector, recommending they "need to have a long, hard look at themselves". (The Australian)

Improved market conditions and investor sentiment drove a 12 per cent lift in March quarter net cashflows for AMP. (Sydney Morning Herald)

There will be no need to overhaul existing businesses following the announcement of government reforms on financial advice, three independent financial services firms have said. (Investor Daily)