NAB

National Australia Bank has announced its first quarter trading update (it has a 30 September year end), with unaudited cash earnings increasing 4% to $1.5bn compared to the same period last year. Statutory earnings fell 27% to $1.3bn due to hedging losses (these often swing around without impacting underlying profitability).  Revenue increased 3%, while expenses increased 4% despite cutting 500 positions during the restructure of the company’s problematic UK division. Banks are having little trouble borrowing money from yield-starved investors abroad, and bad debts fell 10% to $554m. Unlike its three major rivals, NAB’s share price still trades at...

National Australia Bank has announced its first quarter trading update (it has a 30 September year end), with unaudited cash earnings increasing 4% to $1.5bn compared to the same period last year. Statutory earnings fell 27% to $1.3bn due to hedging losses (these often swing around without impacting underlying profitability). 

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