SYDNEY, Aug 18 (Reuters) - National Australia Bank on Monday posted a 7 percent rise in third quarter unaudited cash profit, led by higher mortgage growth and lower bad debt charges even as revenues dropped.
NAB, the nation’s fourth biggest bank by market value, reported unaudited cash earnings of A$1.6 billion ($1.49 billion) for the quarter to end of June. It did not give a year-ago comparison in its trading update, which falls short of a full earnings statement.
NAB, whose UK business has been a drag on its earnings for many years, last month agreed to sell a $1 billion portfolio of mostly non-performing UK commercial property loans.
$1 = 1.0730 Australian dollar Reporting by Swati Pandey; Editing by Eric Walsh