Wed. Feb 19th, 2020

The National Australia Bank decreases its annual profit by 13.6%

The National Australia Bank (NAB) today announced a 13.6 percent reduction in its annual net profit, in a complicated period for the country's banks after an investigation into the bad practices of this sector.

The NAB, one of Australia's top four, announced in a statement that its net profit was about 4,798 million AUD (3,299 million USD or 2,980 million EUR) for the year ending in September.

The executive director of the NAB, Plilip Chronican, said that steps are being taken to make reforms in the bank as part of his response to the investigations of a Royal Commission on the bad practices of the financial sector and that he determined that they committed abuses guided by the "avarice".

"An important part of gaining customer trust involves amending customers who have been treated badly in the past," the executive said.

Last week, Westpac Bank, another of the country's main entities, announced a 16% drop in its net profit during the last fiscal year.

. (tagsToTranslate) National (t) Australia (t) Bank (t) decreases (t) profit

Source link