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Homeside hurts NAB’s profits

    • Vikki Kunz
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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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