NAB’s earnings hit by bad debts in Q3

Melbourne-based National Australia Bank’s third-quarter profits dipped 3 percent, owing to a 21 percent jump in bad and doubtful debts. The lender said on Monday that its profit for the three months to June 30 was A$1.6 billion($1.22 billion), with bad debt rising 21 percent to A$228 million. The rise in bad debts mirrors those of NAB’s rivals, which all announced a rise in bad or doubtful debts last week. “We continue to deliver on our strategy by getting the basics right, serving our customers better and keeping the balance sheet strong,” NAB Chief Executive Andrew Thorburn said.