NAB quarter profit soars
NATIONAL Australia Bank’s mortgage rate hikes have helped the lender lift thirdquarter cash profit 5 per cent to $ 1.7 billion.
NAB yesterday said revenue for the three months to June 30 rose 2 per cent, helped by a higher net interest margin resulting from loan repricing and what it said were more favourable funding conditions.
The bank in March lifted its standard variable mortgage rates for owner- occupiers and investors, citing elevated funding costs.
Bad and doubtful debt charges fell 12 per cent to $ 173 million, down 24 per cent on the same period a year ago.
The ratio of loans 90 or more days overdue and gross impaired assets declined 0.05 percentage points to 0.80 per cent — flat on a year ago.