The move comes as the lender reported around 10% drop in cash earnings to $5.18bn, primarily affected by write-downs and provisions associated with mis-selling of Payment Protection Insurance and interest rate hedging products by the UK unit.
NAB chief executive Andrew Thorburn said: "We have an intention to exit the UK, we think there’s an opportunity now that probably wasn’t there before.
"What we are signaling is that’s our intent, it is an absolute priority."
NAB-owned Clydesdale and Yorkshire Bank in the UK have come under regulatory scrutiny and consumer claims over misconduct in the sale of products before the financial crisis.
The bank acquired Scotland-based Clydesdale branches in 1987 for £420m and the Yorkshire business three years later for around £900m.
Thorburn said: "Our clear focus is on our Australian and New Zealand franchises and providing a better customer experience, and as a result we need greater urgency dealing to our remaining low returning assets.
"In relation to exiting UK Banking this means we are now examining a broader range of options including those provided by public markets."
For the full-year, NAB reported a 1.1% drop in net profit to A$5.3bn ($4.6bn), and revenues increased by 1.9% to A$18.9bn ($16.7bn).
Earlier this year, the lender said it has signed a deal to sell its non-performing UK commercial property loans worth $1bn to an affiliate of private equity firm Cerberus Global Investors.
Image: National Australia Bank headquarters at Docklands in Melbourne. Photo: courtesy of Decryption512.
