Australia's NAB profits plunge in wake of banking royal commission

Pedro Gonçalves
Australia's NAB profits plunge in wake of banking royal commission

National Australia Bank has announced a full-year net profit of $5.1bn, down 11% from 2018 and slightly below already low market expectations, with the Private Bank arm also reporting a fall in earnings. The result was weighed down by record low interests rates and a weaker operating conditions, while the A$1.1bn in customer remediation expenses following the fateful royal commission into the finance sector also put a significant dent in the books. NAB has now set aside A$2.1bn to earni...

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