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
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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.
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