NAB has announced it will cut 6000 jobs as it recorded a full-year profit rise of almost 1400 per cent on 2016.

The job losses over three years were announced as the bank revealed a full year net profit of $5.3 billion.

In announcing the cuts NAB chief executive Andrew Thorburn said the entire banking industry was under pressure to reshape its workforce

“As transactions move to digital channels — and this is driven by our customers — we will need fewer people,” Mr Thorburn told a media briefing.

“What we are not saying is that 6,000 are going here and here and here, it will be done over three years.”

Mr Thorburn said the net job loss would be closer to 4,000 as 2,000 new digitally focused positions will be created.

More existing bank closures were foreshadowed as well, although Mr Thorburn said new branches would be added in the growth corridors in western Sydney and Melbourne.

The bank is expected to announce restructuring costs relating to the redundancies of between $500 million and $800 million in first half results early next year.

The $5.3 billion net profit was up more than 1,400 per cent on the wafer-thin effort of 2016.

The rebound was largely expected as last year’s $352 million profit was dragged down by the loss-making sales of the bank’s UK and life insurance businesses.

Cash profit — the bank’s preferred measure that strips out one off gains and losses — was up a more modest 2.5 per cent to a record $6.6 billion.

This was in line in with market expectations, as was the full-year dividend of $1.98 per share.

The profit was affected by a 1.3 per cent increase in bad and doubtful dents to $180 million, although the bank said overall credit quality improved as percentage of the total loans.’

– ABC