NAB 1Q up 20 percent
(22 February 2010 – Australia) National Australia Bank has reported a first quarter cash profit of A$1.1 billion, a 20 percent increase on the last quarter of FY09.
The group reported that charges for bad and doubtful debts in the December quarter were A$739 million, A$202 million lower than the September 2009 quarter.
NAB said its Tier one ratio increased from 9.0 percent to 9.3 percent and any capital impact on the bank as a result of the planned AXA APH acquisition would not occur until after the transaction receives court approval.
Chief executive officer, Cameron Clyne said that the bank delivered a sound result in the December quarter as a result of subdued credit growth, heightened competitive pressures and a continued upward trend in average funding costs.
Bad and doubtful debt charges have fallen and are not expected to return to the peak experienced in the third quarter of 2009, Mr Clyne added.
However, given the fragile global recovery and uncertain regulatory environment, a conservative approach to capital and liquidity management remains appropriate, the bank’s CEO highlighted.
NAB said its Tier one ratio increased from 9.0 percent to 9.3 percent and any capital impact on the bank as a result of the planned AXA APH acquisition would not occur until after the transaction receives court approval.
Chief executive officer, Cameron Clyne said that the bank delivered a sound result in the December quarter as a result of subdued credit growth, heightened competitive pressures and a continued upward trend in average funding costs.
Bad and doubtful debt charges have fallen and are not expected to return to the peak experienced in the third quarter of 2009, Mr Clyne added.
However, given the fragile global recovery and uncertain regulatory environment, a conservative approach to capital and liquidity management remains appropriate, the bank’s CEO highlighted.
Subscribe