Australia's NAB posts Q3 net profit of $1.26 bln

National Australia Bank on Tuesday posted a Aus$1.2 billion (US$1.26 billion) net profit in the three months to June 30 but revenue fell due to higher funding costs at its struggling British unit.

Australia's fourth biggest lender said its cash earnings, which strip out volatile items, were Aus$1.4 billion, unchanged from a year earlier.

No comparison figure was given for net profit.

Chief executive Cameron Clyne characterised it as a "stable" result against a volatile backdrop in the eurozone and the United States and slowing growth in the big emerging economies.

"Although subdued business and consumer confidence continue to affect the Australian economy, we remain positive about the outlook," he said.

"The Australian franchise remains a strategic priority and again produced some pleasing results in personal banking, while maintaining a strong position in business banking."

The bank said revenue was down one percent due to higher funding costs at its struggling British arm, which it has previously said it plans to restructure, slashing more than 1,400 jobs by 2015.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Holy Week in Mt Banahaw: Mysticism meets Catholicism VERA Files - The Inbox

    Text and photos by Patricia Isabel Gloria, VERA Files Dolores, Quezon—Around this time each year, hundreds of devotees flock to Barangay Sta. Lucia in Dolores, Quezon on the slopes of Mount Banahaw to celebrate Holy Week. Here, mysticism meets Catholicism, … Continue reading → …

  • Simbang lakad for Lolo Uweng VERA Files - The Inbox
    Simbang lakad for Lolo Uweng

    By April Anne Benjamin, VERA Files San Pedro, Laguna--For 14 Maundy Thursdays now, Inding Amoranto has prayed the rosary while walking the eight-kilometer distance from her house to the Shrine of Jesus in the Holy Sepulcher in the village of … Continue reading → …

  • Batangas women bear ‘the cross’ to save loved ones VERA Files - The Inbox
    Batangas women bear ‘the cross’ to save loved ones

    Text and photos by Jane Dasal, VERA Files Nasugbu, Batangas—At the break of dawn on Good Friday, Celilia Zafra donned a black dress and shrouded her face with a black cloth. Then she walked to a place called “putol na … Continue reading → …

POLL
Loading...
Poll Choice Options