(30 April 2012 – Australia) After contributing to a 15.6 percent fall in NAB’s first half profit, the bank is looking to restructure its loss-making business in the United Kingdom.NAB’s UK business recorded a £25million (A$39.22 million) loss for the six months to March 31.
The banks overall net profit fell 15.6 percent from the corresponding period last year to post a profit of A$2.05 billion in the six months to March 31.
Cameron Clyne, NAB’s CEO said the UK business would be simplified to adapt to the weak economic conditions there and improve returns for NAB in the medium term.
“In the last half year there has been significant downgrade in the growth prospects of the UK economy, in part reflecting the drag on its recovery from heightened weakness in the euro zone,” Mr Clyne said.