(Adds details from paragraph 2 onwards)
Feb 21 (Reuters) - National Australia Bank (NAB) on Wednesday reported a 3% drop in its first-quarter cash profit compared to the quarterly average of the second-half of fiscal 2023, hit by higher cost pressures and competitive lending.
The country's second-biggest lender by market valuation posted cash earnings of A$1.80 billion ($1.18 billion) for the quarter ended Dec. 31. It had earned A$2.15 billion in the prior corresponding period.
First-quarter revenue excluding the bank's markets and treasury income was broadly flat against the quarterly average in the second half of the previous fiscal year.
This led to a marginal decrease in its net interest margin - a key measure of profitability for banks.
The bank's common equity tier 1 ratio, a closely watched measure of its spare cash, stood at 12.0% as of December-end, compared with 12.22% at the end of September. ($1 = 1.5265 Australian dollars)
News: NAB UPDATE 1-National Australia Bank's quarterly profit falls on higher costs
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Last
$43.60 |
Change
0.575(1.34%) |
Mkt cap ! $133.3B | |||
| Open | High | Low | Value | Volume |
| $43.44 | $43.67 | $43.30 | $99.03M | 2.275M |
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| No. | Vol. | Price($) |
|---|---|---|
| 30 | 1976 | $43.59 |
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| Price($) | Vol. | No. |
|---|---|---|
| $43.60 | 3499 | 18 |
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| NAB (ASX) Chart |