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

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


Published on 2025-02-18 17:20:49 - Reuters
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  • 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.

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/ ]
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