National Australia Bank's first-quarter cash earnings slip on higher impairment charges

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National Australia Bank's first-quarter cash earnings slip on higher impairment charges

//business-finance.news-articles.net/content/202 .. -earnings-slip-on-higher-impairment-charges.html

Published in Business and Finance on Tuesday, February 18th 2025 at 17:20 GMT by Reuters
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

National Australia Bank reported a 3% drop in its cash earnings for the first quarter on Wednesday, impacted by higher credit impairment charges and income tax expense, which offset growth in underlying profit.

210x110/6074 Bytes

National Australia Bank (NAB) reported a slight decrease in its first-quarter cash earnings, which fell by 2% to A$1.80 billion from A$1.84 billion the previous year, primarily due to higher impairment charges. Despite this, the bank's revenue increased by 1% to A$5.89 billion, driven by growth in its business and private banking sectors. NAB also noted a 1% rise in loans and a 2% increase in deposits. However, the bank set aside A$158 million for potential loan losses, up from A$119 million a year earlier, reflecting a cautious outlook on credit quality amidst economic uncertainties. NAB's CEO, Andrew Irvine, highlighted the bank's focus on supporting customers through economic challenges while maintaining a strong balance sheet.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/national-australia-banks-first-quarter-cash-earnings-slip-higher-impairment-2025-02-18/ ]