NAB: More losses in the UK

Once again National Australia Bank’s result for the nine months ending 30 June (NAB has a 30 September year end) was overshadowed by higher costs and provisions for the problematic UK businesses. Unaudited cash earnings increased 7% to $1.6bn, with growth slowing from 9% at the half-year. Revenue fell 1% but it was due to lower trading income, which bounces around.Excluding the transient impact of UK customer conduct costs expenses fell an impressive 6% and bad debts fell 9% as low interest rates assist Australian borrowers and the UK economy improves. NAB’s UK problem loans have fallen to £3bn, though...

Once again National Australia Bank’s result for the nine months ending 30 June (NAB has a 30 September year end) was overshadowed by higher costs and provisions for the problematic UK businesses. Unaudited cash earnings increased 7% to $1.6bn, with growth slowing from 9% at the half-year. Revenue fell 1% but it was due to lower trading income, which bounces around.

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