London, 6 May 2010: National Australia Bank Group, owner of the Clydesdale and Yorkshire Banks, today released full year results for its UK Banking’s(1) operations for the six months to 31 March 2010. Unless otherwise stated, figures are comparisons with the six months to 31 March 2009. Highlights are:
“As these results clearly demonstrate, our consistent strategic direction continued to keep our business and reputation strong during the toughest trading conditions in post-war memory.
“While there are now consistent signs of economic recovery, our cautious approach will remain until longer term trends are evident. Our clear focus remains on maintaining our strong capital position and supporting customers.
“Having remained profitable and open for business throughout the market turmoil, pre-tax cash earnings grew by over 17% with underlying profits up more than 11% to £264 million. Despite intense competition, average deposits are up almost 12% to £22.5 billion. These figures underline the durability of our business and the strength of our UK brands.
“Built on robust foundations, our UK operations are very well positioned to capitalise on future growth opportunities. It is clearly an exciting time in the market and we will continue to play to our strengths in driving shareholder value and supporting the communities in which we operate.”
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(1) UK Banking consists of banking and wealth management activities in the UK operating under the Clydesdale Bank and Yorkshire Bank brands. It does not include NAB’s wholesale banking operations in the UK.
(2) Cash earnings exclude fair value and hedge ineffectiveness income/expense and significant items. A full definition is set out in the NAB Profit Announcement under Glossary of Terms. The results above are those of the NAB UK Banking division and are not those of Clydesdale Bank PLC.
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