NAB: Q3 Result 2014

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...

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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