National Australia Bank has lifted its June quarter profit and is on track for a $6bn cash profit. Source: AAP
AUSTRALIA'S largest business lender, National Australia Bank, is on track for a $6 billion full year profit, helped along by improvements in its troubled UK division.
NAB posted a cash profit of $1.5 billion for the three months to June, up from $1.4 billion for the same time last year.
Morningstar analyst David Ellis said the bank was on track to deliver a $6 billion cash profit for the 12 months to September.
That would mark a significant improvement on the $5.4 billion cash profit the bank reported last year.
Mr Ellis said the stronger outlook was linked to improvements and reduced bad debt charges from NAB's British operations.
"The big turnaround for 2013 will be a less of a bad result from the UK and that's both in bad debts and net interest margins as well," he said.
NAB was hit with a bad debt charge of $2.6 billion last year but Mr Ellis expects that to be reduced to $2.1 billion this year.
The bank reported a bad debt charge of $498 million for the June quarter, down 10 per cent on a year ago.
Meanwhile, National Australia Bank group chief executive Cameron Clyne said the company had continued to increase its share of the mortgage market, although conditions in the business banking sector remained subdued.
"Operating conditions for business banking are challenging, with ongoing weak confidence and subdued volumes," he said.
NAB said business banking earnings were flat on the quarter with lower revenues.
But cash earnings from the bank's personal banking arm were higher due to the growth in mortgage lending.
Wholesale banking earnings were slightly lower in the quarter due, in part, to reduced customer activity.
Net profit, which includes one-off items, was $1.7 billion for the quarter, up from $1.2 billion last year.
NAB shares were trading 17 cents higher at $31.51.
Anda sedang membaca artikel tentang
NAB on track for $6b profit
Dengan url
http://tantanganbarusan.blogspot.com/2013/08/nab-on-track-for-6b-profit.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
NAB on track for $6b profit
namun jangan lupa untuk meletakkan link
sebagai sumbernya
0 komentar:
Posting Komentar