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6 months ago
National Australia Bank first quarter earnings fall 1 pct as costs rise
February 5, 2017 / 9:46 PM / 6 months ago

National Australia Bank first quarter earnings fall 1 pct as costs rise

SYDNEY, Feb 6 (Reuters) - National Australia Bank (NAB), the No. 4 lender by market value, on Monday reported a 1 percent fall in first quarter unaudited cash profit as costs grew faster than revenue.

NAB posted unaudited cash earnings of A$1.6 billion ($1.23 billion) for the quarter ended Dec. 31, down 1 percent from the same period a year earlier.

The bank said costs rose by 5 percent in part due to annual salary increases and higher redundancy costs, while revenue rose by 1 percent.

The ratio of 90-days past due and total impaired assets to gross loans rose to 0.90 percent at end-December from 0.85 percent at end-September 2016. NAB did not give a reason for the increase. It said its net interest margin was "broadly stable". ($1 = 1.3050 Australian dollars) (Reporting by Jamie Freed; Editing by Louise Ireland)

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