Economy

National Australia Bank full-year profit up 2.5 pct

National Australia Bank full-year profit up 2.5 pct”

NAB CEO Andrew Thorburn said in this morning's earnings release that the bank's results "represents another year of consistent delivery".

The National Australia Bank has reported that it intends to cut up to 6,000 jobs by 2020, the same day it announced a $5.3 billion profit to the market.

"As transactions move to digital channels - and this is driven by our customers - we will need fewer people", Mr Thorburn told a media briefing.

"What we are not saying is that 6,000 are going here and here and here, it will be done over three years".

Cash profit came in at A$6.64 billion ($5.09 billion) for the year ended September 30, from A$6.48 billion a year earlier, NAB said.

"Cost savings of greater than $1 billion are targeted by the end of FY20 as we further simplify our business", he said. Since taking over as chief executive in late 2014, Andrew Thorburn has spun off and listed CYBG PLC (CYBG.LN), a company housing Clydesdale and Yorkshire Bank in the United Kingdom, sold an 80% stake in its insurance arm and also listed regional USA lender Great Western Bancorp Inc.

NAB expects to make a one-off impairment as a result of the restructure of between $500 million and $800 million in the first half of the 2018 financial year.

4 lender declared a final dividend of A$0.99 per share, the same as previous year.

The profit was affected by a 1.3 per cent increase in bad and doubtful dents to $180 million, although the bank said overall credit quality improved as percentage of the total loans.



Like this

Latest


02 November 2017
Steven Madden, Ltd. (NASDAQ:SHOO) Moving Aggressively - Down $1.00
Canaccord Genuity set a $47.00 target price on Steven Madden and gave the stock a buy rating in a report on Wednesday, August 9th. Parkside Financial Bank & Trust downsized its investment by selling 29 shares a decrease of 3.0% from 06/30/2017 to 09/30/2017.

02 November 2017
Chelsea to offer Cesc Fabregas new deal amid Man United interest
United's former Blues boss Jose Mourinho has often been tipped to move for Fabregas since taking over at Old Trafford. And he has been an ever present in the line-up this season, missing just one game through suspension.

02 November 2017
Court Dismisses Diezani's Application For Trial In Nigeria
He had submitted: "We will have no objections if the applicant's name is extracted from the charge, then, trial can proceed". Onyechi Ikpeazu (SAN), begged the court to, in the sole interest of justice, allow her as a defendant in the matter.

02 November 2017
Lana Del Rey Retiring "Cola" From Live Shows After Harvey Weinstein Accustations
I thought it was amusing at the time, and I obviously find it really sad now. "I think they're really courageous for doing that". What's more, it sound like " Cola " might be retired for good. "And it's making me insane ", Del Rey sings on the track.

02 November 2017
Unisys Corp. Earnings Fall 30% In Q3
On average, equities research analysts expect that Unisys Corporation will post ($1.94) EPS for the current year. If we consider a median price to earnings ratio on the stock, that corresponds with a stock price of 43.00.

02 November 2017
Blackbaud, Inc. (BLKB) PT Set at $112.00 by Citigroup Inc
The company has a market capitalization of $4.63 billion, a P/E ratio of 95.4259 and a beta of 0.84. The firm has a 50 day moving average price of $63.75 and a 200 day moving average price of $65.24.

02 November 2017
Gigi Hadid & Zayn Malik are Black Cat & Spider-Man for Halloween!
Whether she's rocking a solo or couple's costume, Gigi knows how to do Halloween. She also added a ghost and pumpkin emoji.

02 November 2017
Discovery Communications, Inc. (DISCK) Receives $22.00 Consensus Price Target from Brokerages
Moreover, State Teachers Retirement has 0.03% invested in Discovery Communications Inc . (NASDAQ: DISCA ) for 202,083 shares. The company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.04).

02 November 2017
Scientists have guessed what aliens may look like
But it does let them conclude that they would look something like us, and potentially more like humans than had been expected. Within evolutionary theory is the idea that organisms grow into a higher status through a series of major transitions.

02 November 2017
Noteworthy Buzzers: Simon Property Group Inc. (SPG), NextEra Energy, Inc. (NEE)
Fred Alger Management Inc increased Microsoft Corp (NASDAQ:MSFT) stake by 729,122 shares to 15.77M valued at $1.09B in 2017Q2. The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.39 billion.



Recommended