CANBERA (dpa-AFX) - Australian lender National Australia Bank Ltd. (NAUBF.PK, NABZY.PK, NAB.AX) reported flat first-quarter net profit of A$1.70 billion, and cash earnings of A$1.65 billion.
The Melbourne-based lender has again delayed the sale of its wealth management unit, citing a 'challenging' business environment. This may defer exit beyond fiscal year 2020, the Bank said.
The bank had originally planned to spin off its MLC wealth business by the end of 2019.
The bank is still targeting an initial public offering of the unit, but it will also explore alternative transaction structures and options.
Group CET1 ratio was 10.6%, compared to 10.4% at September 2019, which includes $0.7 billion of the second-half of 2019 Dividend Reinvestment Plan underwrite proceeds.
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