3% to 5% drop in NIB parent profits

Melbourne: National Irish Bank (NIB) parent National Australia said expected cash earnings after exceptional items for March 2004 to be between 3% and 5% lower than the March 2003 half year results of A$2,027 million.

Exceptionals include the loss on sale of shares in insurer AMP, a profit on the sale of St George Bank shares and recent high-profile currency options losses that arose from unauthorised trading.