NAB Quarterly Profit Lifted by Flat Costs, Margin Expansion
August 13 2019 - 5:41PM
Dow Jones News
By Robb M. Stewart
MELBOURNE, Australia--National Australia Bank Ltd. (NAB.AU)
recorded a modest pick up in profit for the third quarter of its
financial year, aided by a fall in short-term wholesale funding
costs and flat expenses compared with earlier in the year.
NAB, the country's fourth-largest bank by market value and the
biggest business lender, recorded an unaudited net profit of 1.70
billion Australian dollars (US$1.16 billion) for the three months
through June. No comparable figure was disclosed, but it compares
with a profit of A$1.65 billion reported by the bank a year
ago.
Cash earnings, a measure adjusted for fair value and hedging
movements and is the basis for calculating dividend payouts, was
A$1.65 billion, which NAB said was up about 1% on the quarterly
average of the first half of the year and against the same quarter
a year earlier.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
August 13, 2019 18:26 ET (22:26 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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