NAB's quarterly result, up 9 per cent from a year ago and 6 per cent compared with the March quarter, was driven by lower bad and doubtful debt charges. Photo / Thinkstock
National Australia Bank has lifted its quarterly cash profit 9 per cent to A$1.75 billion after a fall in bad debts offset the effect of tough competition among lenders in Australia.
The stronger June quarterly result takes NAB's cash profit for the nine months to June to A$5.07 billion.
Net
profit for the June quarter was A$1.85 billion ($2 billion), up from A$1.7 billion a year ago.
The bank also said it would need to make extra provisions of up to 500 million ($1.17 billion) to its troubled Clydesdale business in Britain to cover the cost of possible future misconduct charges. But the provisions will be covered by the 1.7 billion NAB plans putting aside at the behest of UK regulators before a planned spin-off of Clydesdale.
NAB's quarterly result, up 9 per cent from a year ago and 6 per cent compared with the March quarter, was driven by lower bad and doubtful debt charges in NAB's Australian operations, as well as better earnings from its New Zealand and wealth management divisions.
