NAB’s cash earnings in the year to September 30 fell 8.1 per cent compared to last year as intense competition in the mortgage market squeezed the bank’s profits.
National Australia Bank chief executive Andrew Irvine delivered a $7.1 billion profit in his first financial results in the top job, largely in line with analyst expectations.
“Not unsurprisingly, asset quality deteriorated over , but we have maintained prudent balance sheet settings. We will continue to focus on keeping our bank and customers safe through the cycle.”Analysts had forecast NAB would post profits of $7.06 billion.
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