National Australia Bank annual earnings slide, asset quality to worsen

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National Australia Bank on Thursday posted a 36.6% fall in annual profit, hurt by provisions for higher loan losses due to the COVID-19 pandemic, and said it expects asset quality to deteriorate further in the coming days.

FILE PHOTO: The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney, Australia August 4, 2017. REUTERS/David Grayon Thursday posted a 36.6% fall in annual profit, hurt by provisions for higher loan losses due to the COVID-19 pandemic, and said it expects asset quality to deteriorate further in the coming days.

Australia’s third-largest bank posted full-year cash earnings of A$3.71 billion , compared with a restated figure of A$5.85 billion last year. Analysts polled by Reuters on average expected cash earnings of A$3.82 billion. NAB also said likely sustained low interest rate environments in Australia and New Zealand will impact the group’s net interest margin by about 6 basis points in fiscal 2021.

 

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