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Share Name Share Symbol Market Type
National Australia Bank Limited ASX:NAB Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.125 0.39% 31.845 31.73 31.85 31.88 31.665 31.79 3,251,089 07:50:01

National Australia Bank Reports 3Q Profit Drop

13/08/2020 11:53pm

Dow Jones News


National Australia Bank (ASX:NAB)
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   By Alice Uribe 
 

SYDNEY--National Australia Bank Ltd. (NAB.AU) recorded a drop in third-quarter profit, dragged down by volatile markets, subdued credit demand and low interest rates during the pandemic.

NAB, the country's fourth-largest bank by market value and the biggest business lender, recorded an unaudited net profit of 1.50 billion Australian dollars (US$1.07 billion) for the three months through June. No comparable figure was disclosed, but it compares with a profit of A$1.70 billion reported by the bank a year ago.

Cash earnings, a measure adjusted for fair value and hedging movements and is the basis for calculating dividend payouts, was A$1.55 billion, which NAB said fell by 7.0% against the same quarter a year earlier.

Compared with its first-half quarterly average and excluding large notable items, cash earnings increased by 24%, NAB said.

 

Write to Alice Uribe at alice.uribe@wsj.com

 

(END) Dow Jones Newswires

August 13, 2020 18:38 ET (22:38 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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