NAB ‘unquestionably strong’ despite fall in profits

The National Australia Bank has followed other big banks and posted a lower full-year net profit.

The $4.8 billion, down 13.6 per cent on last year, was dragged down by previously announced remediation costs of $1.1 billion over the year.

NAB chairman Philip Chronican tells Ross Greenwood they are meeting the Australian Prudential Regulation Authority (APRA) standards.

“We clearly meet the APRA requirements of ‘unquestionably strong’.

“We feel very comfortable with the strength of the organisation.”

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Image: Getty/Greg Wood