National Australia Bank Q3 cash profit flat
SYDNEY Aug 14 (Reuters) - National Australia Bank , the country's top lender by assets, said third-quarter cash profit was flat and just shy of expectations due to high funding costs and slow loan growth.
NAB, which is offering the lowest mortgage rate among its peers in an effort to boost market share, said cash profit in the three months to June 30 at A$1.4 billion ($1.47 billion) compared with A$1.4 billion a year ago and the A$1.5 billion expected by analysts.
Cash profit, which excludes one-offs and non-cash accounting items, is watched closely by investors.
The results put NAB, which kicks off the reporting season for Australia's top banks, on course for its second consecutive year of record profits.
Investor focus, however, is on slowing growth in loan demand and NAB's ailing UK operations, which are being shrunk. Australian banks are trying to lower costs by cutting jobs and freezing salaries of top executives.
- Special Report: Thailand secretly supplies Myanmar refugees to trafficking rings |
- UPDATE 1-China central bank warns banks against use of bitcoin
- The 10 Most Corrupt and Least Corrupt Countries in the World
- China central bank warns banks against use of bitcoin
- Obama says he's not allowed iPhone for 'security reasons'