National Australia Bank Reports 3Q Profit Drop
By Alice Uribe
SYDNEY--National Australia Bank Ltd. (NAB.AU) recorded a drop in
third-quarter profit, dragged down by volatile markets, subdued
credit demand and low interest rates during the pandemic.
NAB, the country's fourth-largest bank by market value and the
biggest business lender, recorded an unaudited net profit of 1.50
billion Australian dollars (US$1.07 billion) for the three months
through June. No comparable figure was disclosed, but it compares
with a profit of A$1.70 billion reported by the bank a year
Cash earnings, a measure adjusted for fair value and hedging
movements and is the basis for calculating dividend payouts, was
A$1.55 billion, which NAB said fell by 7.0% against the same
quarter a year earlier.
Compared with its first-half quarterly average and excluding
large notable items, cash earnings increased by 24%, NAB said.
Write to Alice Uribe at firstname.lastname@example.org
(END) Dow Jones Newswires
August 13, 2020 18:38 ET (22:38 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.