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.

  • What can void a new car warranty? James Deakin - Wheel Power
    What can void a new car warranty?

    "I was denied warranty once for changing my horn!" One very annoyed reader wrote. "I was told that placing a backup camera will void my warranty" said another. The others are best left in my private inbox as Yahoo! have a swear jar in the office that I do not feel like donating this week's pay to. Continue reading → …

  • Docu exposes destruction of PH marine resources VERA Files - The Inbox
    Docu exposes destruction of PH marine resources

    By Kiersnerr Gerwin B. Tacadena, VERA Files “Gutom (hunger),” Sen. Loren Legarda said is what’s in store for the Filipino people if destruction of the country's marine resources is not stopped. Legarda, chair of the Senate committee on Environment and Natural … Continue reading → …

  • ‘Yolanda’ fiberglass boats modern-day Noah’s ark VERA Files - The Inbox
    ‘Yolanda’ fiberglass boats modern-day Noah’s ark

    By Jane Dasal, VERA Files If you want to save the earth, build a boat. That's what a group of environmentalists is saying, especially if you want to save both the forests and fishermen affected by supertyphoon “Yolanda” (Haiyan). “Haiyan … Continue reading → …

Poll Choice Options