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National Australia Bank Q1 Cash Profit Down 3%; CEO And Chairman To Resign

Australian lender National Australia Bank Ltd. (NAUBF.PK,NABZY.PK, NAB.AX) reported that its first-quarter cash earnings declined 3 percent from last year.

It posted unaudited net profit of A$1.70 billion, and cash earnings of A$1.65 billion for the first-quarter.

NAB CFO Gary Lennon said,"Notwithstanding a challenging environment, 1Q19 revenue is broadly stable with good growth in housing and SME lending, and expenses are lower as benefits of our transformation continue to be delivered".

National Australia Bank Chief Executive Officer Andrew Thorburn and Chairman Dr Ken Henry said they would leave the bank.

The NAB Board will initiate a global search process for the Chief Executive Officer role while actively considering a range of quality internal candidates.

Thorburn will finish at NAB on 28 February 2019.

Henry indicated he would retire from the Board once a new permanent Chief Executive Officer had been appointed.

The Board has asked Philip Chronican, a current NAB Director with extensive domestic banking experience, to serve as acting Chief Executive Officer effective 1 March (subject to relevant regulatory approvals) until a permanent appointment is made.

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