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National Australia Bank Limited’s (ASX:NAB) unaudited cash profit grew 7 per cent in last three months of 2013, lifted by mortgage growth and falling bad debts.
The bank’s $1.55 billion quarterly profit was generated in the same period revenue rose 1 per cent and the charge for bad and doubtful debts dropped 23 per cent.
CEO Cameron Clyne has described the first quarter result as solid and highlighted a further improvement in asset quality and good growth in mortgages.
However the bank has warned it may continue to be impacted by increasing claims from customers in the United Kingdom.
NAB has noted higher levels of complaints and settlements relating to some tailored business loans and says the risk of making more provisions for UK conduct related matters has increased since its 2013 full year results.
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