Homeside hurts NAB’s profits

The bank reported net profits of $1.07 billion from $1.66 billion in 2000. Frank Cicutto, managing director and chief executive of NAB, said the result has been affected significantly by the sale of Michigan National and the writedown of Homeside. But he stressed that group profit before these ‘significant items’ increased 13% to $1.87 billion on a cash basis.

NAB successfully sold Michigan National last November to ABN Amro for $862.5 million. However, the bank has been hit twice this year by

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Calibrating interest rate curves for a new era

Dmitry Pugachevsky, director of research at Quantifi, explores why building an accurate and robust interest rate curve has considerable implications for a broad range of financial operations – from setting benchmark rates to managing risk – and hinges on…

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