National Australia Bank's wealth management arm MLC has delivered a 14.5% increase in revenue for the year ending 30 September.

MLC's cash earnings were up 30.5% to $402 million and its cost to net income ratio fell from 64.1% to 56.7%.

The investment division's cash earnings rose 42.3%, driven by a 213% increase in net funds flow to $6.4 billion.

Overall, NAB's cash earnings were up by 17.7% to $4.4 billion and revenue rose 8.3% to $14.6 billion. NAB delivered a net profit of $4.6 billion - a 4.2% increase on the previous year.