[SYDNEY] National Australia Bank announced plans to sell its wealth management arm Thursday as it continues to offload assets to simplify its business.

The lender made the move as it posted a 16 per cent slump in cash profit – the financial industry’s preferred measure – in the six months to March 31.

The A$2.76 billion (S$2.76 billion) result was hit by restructuring costs after a raft of job cuts and the introduction of new digital products. Without the one-off costs, profit was flat at A$3.3 billion.

Source: THE BUSINESS TIMES