National Australia Bank Profit Rebounds, Dividend Steady

But expenses rose 2.6 per cent and NAB said it will reduce its head count as part of a restructure that will save more than $1 billion in costs by the end of the 2020 financial year.

The result was up 2.5% from 2015-16's $6.483 billion and was struck after a modest 2.7% rise in revenues to just over $18 billion.

The National Australia Bank will pay an unchanged final dividend of 99 cents a share after meeting market expectations with a cash profit of $6.642 billion for the year to September 30.

"This will result in a net reduction in staff now targeted at approximately 4,000 by the end of full year 2020", it said.

NAB has flagged the loss of 6000 jobs as the impact of new technology and digital transactions cuts a swath through traditional banking jobs.

The rise of the "digital-first" customer has been used to justify the loss of 6,000 full-time NAB roles in the bank's full-year result.

"And as we simplify, we automate processes and things move to digital channels, we will need less people and as that happens we estimate that there will be 6,000 less people needed in three years' time", NAB CEO Andrew Thorburn told a media conference. The Bridge will actually help people out of our company across a bridge into new employment.

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The $5.3 billion net profit announced by the NAB increased by more than 1,400 percent on 2016, while redundancies are expected to cost the bank up to $800 million.

Mr Thorburn said the people who are going will be provided with the skills and confidence to properly navigate their future.

The 2016 profit of $352 million profit was primarily the result of the NAB's sales, at a loss, of its United Kingdom and life insurance businesses.

More existing bank closures were foreshadowed as well, although Mr Thorburn said new branches would be added in the growth corridors in western Sydney and Melbourne.

The bank now has 33,600 employees.

"The leadership changes are a great opportunity for two of NAB's talented executives to take our strategy forward".

(Copyright © 2015. All Rights Reserved.)
 
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