Economy

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.

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"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.

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