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NAB Quarterly Profit Lifted by Flat Costs, Margin Expansion

   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)

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