Rising bad debts weigh down National Australia Bank's profit
Q3 earnings fall 3% as the bank joins two other lenders in increasing provisions for bad loans
Hong Kong
NATIONAL Australia Bank's (NAB) third-quarter profit fell 3 per cent amid rising expenses for bad debts and provisions for mining and agricultural loans, rounding off the most challenging reporting season for the nation's lenders in six years.
Unaudited cash profit from continuing operations, which excludes one-time items, declined to A$1.6 billion (S$1.65 billion) in the three months ended June 30, the Melbourne-based lender said in a statement on Monday. The charge for bad and doubtful debts for the quarter rose 21 per cent to A$228 million.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM
Money laundering accused who faces 22 charges to plead guilty on May 14
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover