National Australia Bank (NAB) has registered cash earnings of A$6.64bn ($5.1bn) for the year ended 30 September 2017, up 2% compared to A$6.48bn last year.

The banking group’s annual net profit attributable to owners surged to AUD5.3bn from AUD352m a year ago when profit was hit by sale of its UK and life insurance operations.

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Net operating income was AS17.89bn, a rise of 3% compared with AS17.43bn in the previous year.

Cash earnings at the banking group’s Consumer Banking and Wealth division rose 4% year-on-year to AS1.63bn. In the Business and Private Banking unit, cash earnings rose 6% year-on-year to AS2.84bn.

Commenting the performance, NAB Group CEO Andrew Thorburn said: “Our FY17 result represents another year of consistent delivery. Cash earnings and revenue are up, asset quality is a highlight again, and we have further strengthened our balance sheet.”

In addition, NAB also announced plans to cut 6,000 jobs over the next three years in response to rising adoption of digital channels.

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The bank however also stated that it will create 2,000 new roles, which will lead to a net reduction of 4,000 jobs.

The bank also said it plans to invest AS1.5bn over three years to support its digital transformation.

“We are reshaping our workforce to enable us to deliver for our customers and by FY20 expect to create up to 2,000 new jobs while about 6,000 roles will be impacted as we further automate and simplify our business. This will  result in a net reduction in staff currently targeted at approximately 4,000 by the end of FY20, which is expected to give rise  to a 1H18  restructuring  provision of $ 0.5-0 .8bn. Throughout this process we will treat our people with care and respect and equip them for the future,” NAB said in a statement.