SYDNEY – National Australia Bank Ltd. says its annual profit has slumped 94 per cent to 352 million Australian dollars ($269 million) due to sales of its troubled British banking and life insurance businesses.
One of Australia’s largest banks demerged the poorly performing Clydesdale Group and sold an 80 per cent stake in its life insurance business NAB Wealth to Japan’s largest insurer Nippon Life in the latest fiscal year that ended June 30.
The latest result released on Thursday was 94.4 per cent down from the AU$6.34 billion profit in 2014-15, which was 19.7 per cent up on the previous year.
The bank’s preferred performance measure, cash earnings, increased 4.2 per cent to AU$6.48 billion in the latest year.
