National Australia Bank’s
(NAB) full year domestic retail net profits fell 15% from a year
ago to A$743m ($727m) due to the ongoing fees price war, kicked off
by the bank last year.
On a positive note, NAB
increased its retail deposits by 13% to A$64.7bn in fiscal 2010, a
market share of 13.6%.
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Group wide, NAB posted a
full-year net profit of A$4.22bn, up 63.2% from the previous year,
with bad and doubtful debts 40.7% lower at A$2.3bn.
NAB’s net interest margin
increased by 9 basis points on the previous year to
2.25%.
NAB CEO Cameron Clyne said:
“The broader implications of what that means for interest rates,
that’s all part of the competitive dynamic, but the reality is the
average cost of our [loan] book is going up.”
Pre-tax earnings at NAB’s
Clydesdale Bank and Yorkshire Bank-branded UK unit soared by 53%
for the full year to £164m.
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By GlobalDataNAB UK deposits increased by 11% year-on-year while
provisions for bad debts fell by 18%.
