National Australia Bank’s quarterly profit falls on higher costs
NATIONAL Australia Bank on Wednesday reported a 3 per cent drop in its first-quarter cash profit compared to the quarterly average of the second-half of fiscal 2023, hit by higher cost pressures and competitive lending.
The country’s second-biggest lender by market valuation posted cash earnings of A$1.80 billion (S$1.6 billion) for the quarter ended Dec 31. It had earned A$2.15 billion in the prior corresponding period.
First-quarter revenue excluding the bank’s markets and treasury income was broadly flat against the quarterly average in the second half of the previous fiscal year.
This led to a marginal decrease in its net interest margin - a key measure of profitability for banks.
The bank’s common equity tier 1 ratio, a closely watched measure of its spare cash, stood at 12.0 per cent as of December-end, compared with 12.22 per cent at the end of September. REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say