Bad overseas debts lead to drop in NAB's net profit
BAD debts in the United Kingdom has contributed to the National Australia Bank posting a 22% drop in net profit.
The bank on Wednesday announced a $4.1billion profit for the 12 month to September, down $1.1billion on a year ago.
NAB's cash earnings fell $27million for the year to $5.4billion.
The charge for bad and doubtful debts was up $793million for the year to $2.6billion.
NAB shareholders will receive a final dividend of 90cents per share full franked, to be paid on December 18.
The bank's share price was steady in trading on Wednesday at $25.80.