Updated

NAB full-year cash profit tumbles 37pc

James Frost and James Eyers

Updated Nov 5, 2020 – 10.35am, first published at 8.48am

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National Australia Bank's full-year cash profit has tumbled 37 per cent to $3.7 billion on the back of higher costs, more remediation charges and another $1.028 billion in provisions, as it braces for the full impact of the virus crisis.

"The challenges of the operating environment are evident in today's results," CEO Ross McEwan said on a media call. He pointed to the large provisions, along with "revenue headwinds from low interest rates, and subdued credit demand" hitting earnings, which fell in-line with expectations.

James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years.

James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay