National Australia Bank Limited’s (ASX:NAB) chief has warned the year ahead will be challenging, with a combination of volatile markets and subdued consumer and business sentiment.
Speaking at the bank’s annual general meeting CEO Cameron Clyne told investors the NAB is committed to its strategic agenda which has produced a solid base for 2012.
Chairman Michael Chaney warned global market volatility and new global banking regulatory requirements have pushed up the cost of funds and European instability was adding extra pressure on wholesale term funding markets.
Mr Chaney believes this situation leaves unanswered questions about immediate relief or stimulus to generate growth.
In the 2011 financial year the NAB posted an annual net profit of $5.2 billion.
