NATIONAL Australia Bank reported a 1-percent fall in full-year profit yesterday, as the country's largest lender by assets absorbed a hit from the global financial crisis.
Net profit for the year to September was A$4.5 billion (US$3.1 billion), down 0.9 percent from the same period a year earlier, the bank said in a statement.
Cash earnings fell 10.7 percent to A$3.9 billion, which was in line with recent forecasts. The bank said its bad debt charges rose 55 percent in the period.
Chief Executive John Stewart said the group's core banking franchises had performed well despite the turmoil in financial markets.
"I am confident NAB's operations are well placed to weather this uncertain environment, with the appropriate focus on core businesses and the right financial settings to maintain strength and flexibility," Stewart said.
The bank brought forward its annual earnings result by a week in an effort to calm market speculation about its stocks.
The bank declared a final dividend of A$0.97, taking the total dividend for the year to A$1.94, up from A$1.82 in fiscal 2007.