February 12, 2020 / 9:14 PM / 7 days ago

NAB first-quarter cash profit flat from a year ago

Feb 13 (Reuters) - National Australia Bank Ltd on Thursday said cash profit in the first-quarter was unchanged, as the bank grapples with record-low interest rates.

Australia’s third-largest lender by market value posted cash earnings of A$1.65 billion ($1.11 billion) for the three months ended Dec. 31, mirroring the same figure a year ago.

Common equity tier 1 (CET1) ratio, a closely watched measure of the bank’s spare cash, rose to 10.6% at Dec. 31 from 10.38% at Sept. 30.

$1 = 1.4843 Australian dollars Reporting by Niyati Shetty and Rushil Dutta in Bengaluru; Editing by Bernard Orr

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