NAB quar­ter profit soars

Townsville Bulletin - - NEWS -

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.

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