National Australia Bank Limited
(ASX:NAB) has reported a 19.7 percent rise in net profit to $6.34 billion for the year to 30 September.
The lender posted a cash profit of $5.84 billion, up 2.4 percent from the previous year. The figure came in below expectations.
NAB confirmed to shareholders the sale of 80 percent of its life insurance business to Japanese company Nippon Life.
The company also said it would divest Clydesdale Bank in the UK via a demerger and initial public offering in February 2016.
NAB will pay a final dividend of 99 cents to shareholders, bringing NAB’s full year dividend payment to $1.98 per share fully franked.
