NAB’s stat net profit hit $1.6b 3Q2017

Company News

by Jessica Amir

NAB (ASX:NAB) has announced its unaudited statutory net profit hit $1.6 billion for the June 2017 quarter.

The top four bank’s revenue firmed 2 percent higher in the third quarter while its unaudited cash earnings also rose 2 percent to $1.7 billion.

NAB’s revenue increased thanks to growth in lending and an improved group net interest margin (NIM).

The bank also saw an improvement in asset quality and a drop in bad and doubtful debt charges of 12 percent to $173 million.

Shares in NAB (ASX:NAB) are trading 1.35 per cent lower to $30.07

Jessica Amir

Finance News Network
Jessica presents the Market Outlook and company news. She joined FNN in January 2017. She has been in broadcast journalism for over five years. She has worked as a journalist with Sky News Business, ABC 1 and ABC24. She has also worked in regional Australia for Prime 7 and WIN News. She is also a qualified financial planner and a Masters of Applied Finance student.