NAB set to off-load struggling UK business after profit slump

The National Australia Bank will off-load its struggling UK business after posting a ten percent profit slump.

The NAB - one of the ‘big four’ banks, earned $5.2 billion which its new boss, Andrew Thorburn says is simply not enough as its rivals grow faster.

"The National Australia Bank over the past ten years has been more than just a laggard - it's been accident-prone," Morningstar Bank Analyst David Ellis said.

While the NAB’s cash profit seems big, it's actually down 9.8 percent in comparison to the Commonwealth Bank of Australia, which dwarfed it with $8.7 billion cash profit.

Mr Thorburn is aware he’s in a battle.

"I love a fight. It's good to have competition, because that should bring out the best in you,” the NAB CEO said.