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NAB's profits in UK on the slide
21.10.08
National Australia Bank, owner of the Clydesdale and Yorkshire brands, saw profit from its UK operations fall 8.4% to A$542 million (£220.2 million) in the second half.
NAB's British banks have fared better than most as they account for less than 2% of mortgage lending in the country.
John Stewart, in his last earnings report as chief executive, said he is "confident NAB's operations are well-placed to weather this uncertain environment".
A recent report by Goldman Sachs JBWere in Australia branded NAB's British assets as worse than worthless Goldman said the risk of the UK operations had weighed on NAB's share price.
NAB has left the way open to accepting British Government financial support.
"We're clearly eligible to participate in the scheme established by the UK Government," a spokesman said recently. "But it's not a matter of urgency for us.
NAB's overall net profit fell to A$1.85 billion from A$2.44 billion a year earlier.
