National Australia Bank Limited
(ASX:NAB) has increased its cash profit by 7 per cent in the third quarter of the 2014 financial year.
The bank generated a cash profit of $1.6 billion, its net profit came in steady at $1.7 billion while revenue dipped 1 per cent over the June quarter.
New CEO Andrew Thorburn says the group achieved a satisfactory third quarter result despite a challenging environment. Mr Thorburn says costs were well contained and asset quality continues to improve while revenue growth remains challenging.
The results come after ANZ Banking Group
(ASX:ANZ) last week increased its cash profit by 8 per cent to $5.2 billion in the nine months to the end of June.
Commonwealth Bank of Australia
(ASX:CBA) last week revealed it boosted its full year cash profit by 12 per cent to a record $8.68 billion in the 2014 financial year.
National Australia Bank reported a net profit of $2.85 billion in six months to the end of March 2014.
