National Australia Bank (NAB) has reported unaudited cash earnings of about A$1.75bn for the third quarter of 2015, an increase of approximately 9% compared to the same period last year.
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On a statutory basis, unaudited net profit attributable to the owners of the bank stood at about A$1.85bn.
On a cash earnings basis, revenue rose by around 4% for the lender. Excluding a legal settlement gain in this quarter, and gains in the March 2015 half year from the UK commercial real estate loan portfolio sale and SGA asset sales, revenue increased by about 2%.
Expenses soared by nearly 4% on a cash earnings basis, driven by investment in the group’s priority customer segments, impairment of a small legacy equity investment and the impact of changes in foreign exchange rates.
The charge for bad and doubtful debts dipped 15% to A$193m, mainly owing to lower charges in Australian Banking.
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By GlobalDataNAB Group CEO Andrew Thorburn said: "This is a good quarterly result with continuing momentum in our Australian and New Zealand business, improvements in asset quality and further progress made towards addressing legacy issues.
"Over this period we have maintained a clear focus on our core Australian and New Zealand business. We have continued to invest in a disciplined way in our priority customer segments of home lending, SME and Specialised Business, to deliver a better experience for customers and improve returns to shareholders."
