UK-based subsidiaries, Clydesdale Bank and Yorkshire Bank, will not
need government assistance to boost their capital ratios, according
to the banks’ UK chief executive Lynne Peacock.
Go deeper with GlobalData
“We believe we can do whatever is necessary,” said Peacock,
discussing the UK government’s announcement that banks would have
to raise their capital ratios.
In the 12 months to September, NAB’s UK operation reported net
earnings after tax were up 2.5 percent to £249 million ($404
million) with underlying profit up 11.9 percent to £518
million.
The bank said retail and longer term funding covered 85 percent
of its lending; it has also increased its mortgage lending 13
percent to £1.4 billion while retail deposit volumes rose 17
percent to £18.2 billion.
NAB reported a group-wide net profit of A$4.5 billion ($3.1
billion) for fiscal 2008, down 0.9 percent compared with a year
ago. Bad debt charges rose 55 percent in the period, with slowing
economic growth and tighter credit conditions in Australia.
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By GlobalDataFor the year ahead, NAB has said it is targeting growth from its
existing retail arm and plans efficiency savings from previously
announced new IT networks.
