National Australia Bank 3Q Profit Rises to A$1.85 Billion
August 08 2022 - 7:14PM
Dow Jones News
By Alice Uribe
SYDNEY--National Australia Bank Ltd. recorded a rise in
third-quarter profit, with the lender reporting that the majority
of its customers are well placed to manage the challenges of higher
inflation and interest rates.
NAB, the country's biggest business lender, recorded an
unaudited net profit of 1.85 billion Australian dollars (US$1.29
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.
Chief Executive Ross McEwan said that around approximately 70%
of customer home loan repayments were ahead of schedule.
"Our business is also in good shape for this evolving
environment. Balance sheet settings remain strong and we are well
advanced on our FY 2022 term wholesale funding task with A$34
billion raised by end-June," he said.
The lender reported unaudited cash earnings--a measure adjusted
for fair value and hedging movements, which is the basis for
calculating dividend payouts--of A$1.80 billion, which NAB said
represented a 6.0% increase on last year.
NAB said it now expects its fiscal 2022 cost growth to be around
3-4% which includes a top-up to payroll and customer-related
remediation provisions of A$60 million-A$100 million for existing
matters.
Analysts from Citi had expected NAB would deliver cash earnings
of A$1.75 billion, which it said is largely in line with Visible
Alpha consensus of A$1.77 billion.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
August 08, 2022 18:59 ET (22:59 GMT)
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