SEARCH
NAB has posted a flat cash profit of $3.29 billion in a half-year result that is largely in line with analyst predictions, but bad and doubtful debts edged up 5 per cent to $394 million.
NAB’s cash earnings for the half-year to 31 March 2017 was $3.29 billion, up 2.3 per cent compared to the March 2016 half-year.
Statutory net profit for the bank was $2.55 billion compared to a loss of $1.74 billion for the prior corresponding period.
On a cash earnings basis, revenue increased 1.8 per cent largely due to stronger trading income, and expenses rose 0.8 per cent reflecting in part “higher personnel costs including redundancy charges”.
The total charge for bad and doubtful debts was $394 million, up $19 million or 5.1 per cent, reflecting an increase in the collective provision for risks relating to the bank’s commercial real estate portfolio.
UBS analysts said in a note that the result was “broadly in line [with expectations] with very few surprises”.
UBS described the result as “clean and flat albeit boosted by stronger trading incomes”, resulting in an unchanged valuation and price target of $30.
Read more:
Provident Capital director loses banning appeal
ASIC stifling fee reductions: Rice Warner
ANZ exits JV with ETF Securities
Robo-advice is not disruptive: Reinventure
Fed leaves the door open on June hike
Stimulate new ideas. Stimulate new thinking. Top up your CPD and hear from industry experts with InvestorDaily’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD. Explore the knowledge centre Knowledge Centre now.
A new report from the Australian Competition and Consumer Commission (ACCC) has revealed the extent to which consumers are falling for scams...
Despite the Australian economy’s ongoing rapid recovery, an Australian equity head believes GDP growth will “fade” in 2022. ...
The next financial year could see a “new record year” for dividends as the Australian economy continues its recovery from the COVID-19 p...
Get notifications in real-time for staying up to date with content that matters to you.
Read More
