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NAB posts $1.9b third-quarter profit, hurt by ‘modest deterioration’ in loans

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“We know this environment is challenging for our customers, but pleasingly, most are proving resilient with only a modest deterioration in asset quality in the third quarter,” National Australia Bank boss Ross McEwan says.

National Australia Bank boss Ross McEwan says there has been a “modest deterioration” in the quality of the bank’s loans but announced a $1.5 billion buyback as it reported a 5.8 per cent increase in its third-quarter profit to $1.9 billion.

NAB chief executive Ross McEwan said the bank’s home loan growth was below that of the broader sector. NAB’s unaudited cash earnings for the June quarter were 5 per cent lower than the average across the December and March quarters, but grew 5.8 per cent relative to the same period last year to $1.9 billion.

The bank said the decline was a result of continued home lending competition combined with higher deposit costs, partly offset by a higher interest rate environment.

Source: Loan News Today (loannewstoday.net)

 

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