UK losses hurt Aussie bank owner

National Australia Bank, one of the country's largest lenders, has reported a 15.5% drop in first-half net profits, hurt by the poor performance of its UK operations.

Net profit for the six months to March 31 was 2.1 billion Australian dollars (£1.3 billion), down from 2.4 billion (£1.5 billion) in the same period a year ago, the Melbourne-based bank said. Cash earnings were 2.8 billion dollars (£1.7 billion), up 6% from 2.7 billion (£1.6 billion) in the previous corresponding period.