JB Were a loss-maker for NAB

NAB's investment in financial adviser JB Were turned in a loss under the bank's first year of ownership. JB Were produced a loss of $19 million, on $125 million of revenue, NAB's 2010 financial statements show.
       
Transitional expenses may explain part of the loss, as may investment in new information systems to support the client base.

NAB paid $80 million for its 80 per cent stake in JB Were, in November 2009, and may buy the remaining 20 per cent stake for $20 million in late 2012.

The bank's investment in the life insurance business Aviva was more productive.

NAB said Aviva made a net profit of $128 million, from net operating income of $254 million.