-National Australia Bank reports fiscal results.
Global Banking News - 01 May 2012
Australia's National Australia Bank Limited (AX: NAB) (OTC: NABZY) has reported an un-audited net profit of AUD2.05bn for the six months to March 31,2011, a decline of 15.6 percent compared to the previous corresponding period.
The bank said that it has booked write-downs and restructure charges at its troubled UK division worth a combined GBP456m (AUD709.6m) during the quarter. Cash earnings have increased by 5.7 percent to AUD2.82bn, it said.
Melbourne-based National Australia Bank said that following a strategic review of the UK assets, the bank has decided to focus on retail and small-business lending in Scotland and Northern England. The bank said that it will incur GBP195m of restructuring costs, write off GBP141m of goodwill from Clydesdale Bank, and book an additional GBP120m impairment charge due to increased protection insurance claims. The moves are expected to deliver cost savings of about GBP74m by 2015, it said.
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