Arab Today, arab today british arm drags australia\s nab profit down 22
Last Updated : GMT 08:11:35
Arab Today, arab today
Arab Today, arab today

British arm drags Australia\'s NAB profit down 22%

Arab Today, arab today

Arab Today, arab today British arm drags Australia\'s NAB profit down 22%

Sydney - AFP

National Australia Bank posted a 22 percent slump in full-year net profit Wednesday as millions of dollars in costs from its struggling British operations weighed on the bottom line. Australia\'s fourth biggest lender booked a profit of Aus$4.1 billion (US$4.22 billion) for the 12 months to September 30, from Aus$5.22 billion in the previous year. It was its first fall in profits since 2009. Cash earnings, which strip out volatile items and are the measure more closely watched by analysts, dropped 0.5 percent to Aus$5.4 billion over the same period. The result included a Aus$250 million provision for bad debts at its British arm, particularly the Clydesdale and Yorkshire banks, plus impairment and restructuring costs. NAB\'s share price closed 0.35 percent lower at Aus$25.79. Chief executive Cameron Clyne said NAB\'s Australian and New Zealand businesses posted improved performances, but that was overshadowed by problems in Britain. \"The group result reflects both the strength of the core Australian and New Zealand banking businesses and ongoing challenges in the UK,\" he said. Earlier this year, NAB said it was planning to restructure its British arm, slashing more than 1,400 jobs by 2015 due to weak economic conditions. \"Hopefully we are seeing the bottom of the cycle in the UK,\" Clyne added and said he intended to stick with the businesses as shareholders did not want the British banks sold for a loss. \"None of us are happy with the performance, but they don\'t want to see the business fire-sold,\" he said. \"We are entirely in agreement with them and we will trade that business until we get better returns.\" Analysts, though, said the profit drop was disappointing. \"Our patience is wearing thin as the UK operations continue to drag on group earnings,\" said Morningstar analyst David Ellis. Credit Suisse analyst James Ellis added: \"The result reaffirms our caution based on NAB\'s UK exposures, with UK impaired loans rising, UK margins declining and the pension deficit rising.\" Clyne said economic conditions in Australia would be challenging in fiscal 2013, with consumer sentiment low and business conditions weak, but that was not expected to cause a spike in bad debt costs in NAB\'s domestic business. \"We are not by any means seeing a marked rise (in bad debt costs), but it is reflecting that businesses have been dealing with subdued conditions for some years now, and we are just seeing a slightly worse (economic) outlook for 2013,\" he said. The bank declared a full-year dividend of Aus$1.80 a share, up eight cents from a year earlier.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today british arm drags australia\s nab profit down 22 Arab Today, arab today british arm drags australia\s nab profit down 22

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 06:04 2017 Tuesday ,28 March

Saudi Arabia ranks 3rd globally for smartphone use

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday