NAB posts ‘satisfactory’ $1.7b quarterly profit

By Michael Janda

The bank’s preferred measure of cash earnings rose 7 per cent in the three months to June 30 compared with the same quarter last year to $1. 6 billion, unaudited, but was only 2 per cent higher than the quarterly average in the March 2014 half-year results.

NAB‘s earnings were also boosted by a $241 million reduction in its bad and doubtful debt charges. The bank says 1. 45 per cent of its loans were 90 days or more behind in repayments as at June 30, down slightly from 1. 52 per cent at the end of March.

NAB also says it is increasing its home loan market share with loan balances growing at an annualised rate of 8. 5 per cent in the quarter, 10 per cent faster than the average of its rivals.

However, the bank lost ground in business lending, with loans rising at an annualised rate of 5. 5 per cent, only 80 per cent the average growth of its competitors.

Read more here: ABC


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