The National Australia Bank’s cash profit dropped 9.8% to $5.18 billion after it took a $1.504 billion hit on its troubled UK business.
CEO Andrew Thorburn says the Australia and New Zealand franchises are in good shape.
But it’s disappointing to record a full year result that includes $1.5 billion after tax in UK conduct provisions and other impairments.
“We know there is value in focusing on the core business and in building a strong Australian and New Zealand franchise with real clarity around a customer-focused strategy that is executed well,” he says.
“In relation to exiting UK Banking this means we are now examining a broader range of options including those provided by public markets.”
NAB Wealth has also had an improved year, recording cash earnings growth of 13.4% to $365 million.
The bank is maintaining a final fully franked dividend of 99 cents.
Here’s the statutory headline results: