Australia's NAB Q3 rises 7 percent, meets forecast
SYDNEY Aug 20 (Reuters) - National Australia Bank met forecasts with a 7 percent rise in third quarter profit, struck on slightly higher revenue due to growth in mortgages and a better customer margin, while bad debt charges eased.
NAB, the nation's fourth biggest bank by market value, posted cash earnings of A$1.5 billion ($1.37 billion) for the quarter to the end of June, compared to a forecast of A$1.49 billion from three analysts.
"NAB has produced a solid third quarter result reflecting strong momentum in personal banking and lower loan losses in our UK businesses," NAB Chief Executive Cameron Clyne said in a statement on Tuesday.
The bank's charge for bad and doubtful debts was down 10 percent to A$489 million for the quarter, on lower charges from business banking and NAB's struggling UK business.
Cash earnings, which exclude one-offs and non-cash accounting items, are closely watched by investors. ($1 = 1.0931 Australian dollars) (Reporting by Jackie Range; Editing by Richard Pullin)
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