National Australia Bank's
(ASX:NAB) full year statutory net profit has plummeted 94% to $352 million.
The bank says this result is because of losses sustained by its UK banking business, CYBG, and the NAB Wealth life insurance division.
However, Australia’s third largest bank reported its cash earnings rose 4.2% to $6.48 million.
But on the other hand, its bad and doubtful debts increased by 7% to $800 million.
In the end, NAB decided to keep its dividends unchanged, and will pay shareholders 99 cents per share, fully franked.
