NAB records a drop in bad debts
(10 August 2010 − Australia)National Australia Bank has reported a 22 percent increase in its third-quarter profit as charges for bad debts fell.
The bank’s unaudited cash earnings for the third quarter ending June 30th were A$1.1 billion, up from A$900 million 12 months ago.
Despite charges for bad debts decreasing, the bank’s chief executive, Cameron Clyne, has warned that demand for corporate loans may not pick up until 2011.
The return to business system credit growth may be delayed, however the pipeline remains strong, Mr Clyne said.
The bank’s CEO forecast that demand for corporate loans in Australia would go up by 6.5 percent next year, with NAB's operations growing at an above-average pace.
In May, NAB reported that cash earnings for the previous six-month period stood at A$2.2billion, up 20.9 percent on the September 2009 half year results and 8.2 percent on the March 2009 six-month figures.
Despite charges for bad debts decreasing, the bank’s chief executive, Cameron Clyne, has warned that demand for corporate loans may not pick up until 2011.
The return to business system credit growth may be delayed, however the pipeline remains strong, Mr Clyne said.
The bank’s CEO forecast that demand for corporate loans in Australia would go up by 6.5 percent next year, with NAB's operations growing at an above-average pace.
In May, NAB reported that cash earnings for the previous six-month period stood at A$2.2billion, up 20.9 percent on the September 2009 half year results and 8.2 percent on the March 2009 six-month figures.
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