By Alice Uribe 
 

SYDNEY--National Australia Bank Ltd. recorded a rise in third-quarter profit, with better cash earnings driven by significantly better credit impairment outcomes.

NAB, the country's third-largest bank by market value and the biggest business lender, recorded an unaudited net profit of 1.65 billion Australian dollars (US$1.22 billion) for the three months through June. No comparable figure was disclosed, but it compares with a profit of A$1.50 billion reported by the bank a year ago.

It reported unaudited cash earnings--a measure adjusted for fair value and hedging movements, which is the basis for calculating dividend payouts--of A$1.70 billion, which NAB said represented a 10% increase on last year.

NAB Chief Executive Ross McEwan said house lending rose 2%, while small- and medium-business lending grew by 4.3%, both outpacing wider industry growth in recent months.

 

Write to Alice Uribe at alice.uribe@wsj.com

 

(END) Dow Jones Newswires

August 11, 2021 18:59 ET (22:59 GMT)

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