NAB to slash jobs, increase digital focus

Nov 03, 2017, 00:24
NAB to slash jobs, increase digital focus

Mr Morrison said he had spoken to the bank's chief executive about the issue.

NAB's full-year net profit was $5.3 billion, a 1400% improvement on FY16's $352 million, when the bank was forced to take a hit on the sales of its underperforming British and insurance businesses.

The bank is expected to announce restructuring costs relating to the redundancies of between $500 million and $800 million in first half results early next year.

Heavyweight Rio Tinto Ltd closed at an over six-year high, while its rival, BHP Billiton Ltd closed at a 7-week high.

As transactions move to digital channels - and this is driven by our customers - we will need fewer people.

The aggressive restructuring comes amid a global push by banks to eke out better returns through tight control of costs and replacing staff with improved technology.

Thorburn highlighted the bank will happily retrain those who have the aptitude and commitment to do so, though he said that numerous job cuts will be in more "traditional" areas of the bank.

NAB said the results were "consistent" while it equally matched some analysts' expectations.

While net interest margin, a key gauge of profitability, fell 3 basis points from previous year, it was 6 basis points higher in the second half of the 2017 results, as the lender benefited from a repricing of its mortgage book.

NAB's full-year results, released Thursday (2 November), show that the group recruited an additional 338 brokers across aggregators PLAN, Choice and FAST for the 12 months ended 30 September 2017.

Interest rate levels have become a hot-button political and customer issue in Australia this year, with the corporate regulator pledging to investigate whether banks are using a push to curb a potential housing bubble as an excuse to profiteer through unnecessary mortgage rate rises.

Annual dividends declared was $5.3 billion, with a total dividend for FY2017 at 19.8 cents per share and a final dividend of 99 cents per share fully franked.

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