National Australia Bank Limited
(ASX:NAB) has reported a 9.8 per cent drop in full year profits on the back of huge write downs in its UK business.
The bank reported a profit on $5.18 billion for the 12 months to 30th September, down from $5.46 billion the year before. Revenue rose 1.9 per cent but higher expenses related to the misconduct provisions and software impairment wiped out the gains.
The write downs relate to misconduct over insurance policies in the Clydesdale and Yorkshire bank. CEO Andrew Thorburn hinted the bank was looking at options for ditching the business.
NAB has elected to pay a final dividend of 66 cents per share fully franked.
