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NAB in great shape Stewart says

NAB in great shape Stewart says

(9 November 2007 – Australia) National Australia Bank has posted a net profit for the full year to 30 September 2007 of A$4.6 billion, up 4.2 percent on the previous year. The bank’s cash earnings grew 17.7 percent to A$4.4 billion.

NAB, the last of the Big Four Australian domestic banks to report, described the result as strong and said it was in great shape for the years ahead.

NAB group chief executive officer John Stewart said the bank had a strategic agenda focussing on the core capabilities of Financial Solutions, Agri banking and Wealth Management.

The bank said its Business and Private Banking division maintained its leadership position and grew revenue at about 13 percent compared with Retail which increased eight percent.

MLC, NAB’s wealth management arm, grew revenue by 14.5 percent and its investment division cash earnings increased by 42.3 percent.

The UK businesses, Yorkshire Bank and Clydesdale Bank, grew cash earnings by 13.6 percent whilst reducing operating expenses by three percent.

Stewart said asset quality was moving up from its historical low but were within expectations for this stage of the credit cycle.
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