NAB profits jump on UK results
National Australia Bank has increased its interim cash earnings by 11.4% to A$1.84 billion on a strong performance from its UK Clydesdale and Yorkshire banks.
Net profit fell by 27.7% to A$1.99 billion compared with the March 2005 half year when income from the last year's sale of the Irish banking arm of the group is included. In the UK, earnings were up 12.2% to A$257 million compared with the September 2005 half year with an improvement on deposits and mortgage sales boosted revenue. Cash earnings increased 8.5% to A$989 million compared with the second half of last year at the group's core Australian banking business. Group CEO John Stewart said: The improvement in cash earnings in the United Kingdom by Clydesdale and Yorkshire banks was the highlight of an across-the-board improvement in cash earnings compared with the September 2005 half year. The progress in the last six months shows our businesses are building momentum but much still remains to be done. The bank's outlook was cautious. We remain comfortable with the global economic outlook but we are not complacent about the risks to growth and inflation in the regions in which we operate, said Mr Stewart.
Related Insight
Suppliers Directory
Wealth & Assets Management Asset Management Hedge Funds Private Equity Mutual Funds
Intermediaries Prime Brokerages Custody & Clearing ECN & Exchanges
Technology Banking Technology Security Tech Outsourcing & BPO
Policies & Regulatory Compliance Risk Management
Intelligence
Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125
Comments may be moderated for spam, obscenities or defamation.