National Australia Bank
(ASX:NAB) has announced $5.29 billion in net profit in its FY2017 results released today, with cash earnings up 2.5 per cent to $6.6 billion compared to the previous year.
As it restructures its workforce, NAB expects to cut about 6,000 jobs while creating up to 2,000 new roles.
NAB said the results were ‘consistent’ while it equally matched some analysts’ expectations.
Annual dividends declared was $5.3 billion, with a total dividend for FY2017 at 19.8 cents per share and a final dividend of 99 cents per share fully franked.
NAB also announced changes to its executive leadership team, with Managing Director and CEO of Bank of New Zealand being appointed Chief Customer Officer of Business and Private Banking, replacing Angela Mentis who will take on Anthony Healy’s role.
Shares in National Australia Bank
(ASX:NAB) are trading just over 3 per cent lower to $31.89.
