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National Australia Bank Limited (ASX:NAB) has warned its cash profit for the year to the end of September will be negatively impacted by up to 14 per cent.
The bank has blamed the adjustments on larger UK conduct charges, an impairment on capitalised software, a deferred tax asset provision and a R&D tax policy change.
NAB now expects to report cash earnings of between $5.1 billion and $5.2 billion in the 2014 financial year, down from $5.9 billion reported last year.
CEO Andrew Thorburn says NAB is committed to including these types of adjustments within cash earnings now and in the future but the bank’s underlying performance remains strong.
Full year results will be released to the market on Thursday 30 October.
National Australia Bank reported a net profit of $2.86 billion in six months to the end of March 2014.
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