National Australia Bank posts 1.7bn AUD profit

GMT 01:27 2014 Monday ,18 August

Arab Today, arab today National Australia Bank posts 1.7bn AUD profit

National Australia Bank
Sydney - XINHUA

The National Australia Bank on Monday reported a 1.7 billion Australian dollar (1.58 billion U.S. dollars) quarterly profit.
Cash earnings rose 7 percent in the three months to June 30, however revenue actually decreased around 1 percent due to lower markets income "as subdued volatility reduced trading opportunities," said the bank, one of the four largest financial institutions in the country.
Loans grew at an annualized rate of 8.5 percent in the quarter, 10 percent faster than the average of its rivals.
National Australia Bank Group CEO Andrew Thorburn said in a statement that the group achieved a satisfactory third quarter result.
"Costs were well contained and asset quality continues to improve," he said.
"While revenue growth remains challenging, Australian home lending continues to achieve market share gains and Australian business loan growth improved in what is traditionally a stronger quarter."

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