National Australia Bank (NAB) saw its net profit decline sharply in the opening stages of 2012, figures published today (10 May) have revealed.
According to data released by the financier this morning, it experienced a 15.5 per cent fall in its revenue during the six months up to 31 March - a fall it primarily attributes to losses seen in its British divisions.
Earlier this month, NAB revealed it is to implement 1,400 job cuts across its Clydesdale and Yorkshire Bank operations as the UK economy continues to struggle after falling back into recession this year.
A strategic review into its business showed these financiers suffered losses of around £25 million ($40.7 million) throughout the second half of 2011, meaning NAB had little option but to make changes there.
However, the lender's overall cash profit increased by six per cent in the six months and Cameron Clyne, NAB chief executive, said this was down to a strategy of aggressive marketing and lower pricing.
By Claire Archer