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National Australia Bank Q1 cash profit up 8 pct

SYDNEY Feb 16 National Australia Bank,
the country’s No. 1 lender by assets, on Tuesday reported an 8
percent rise in first quarter unaudited cash profit on better
lending volumes and stronger results from its wealth division.

NAB posted unaudited cash earnings of A$1.7 billion ($1.21
billion) for the quarter ended Dec. 31. It did not give a
year-ago comparison in its trading update, which does not
provide as much detail as a full earnings statement.

The ratio of 90-days past due and total impaired assets to
gross loans rose to 0.68 percent at end-December from 0.63 at
the end of September 2015, reflecting dairy exposures totalling
NZ$420 million ($279.34 million).

Earlier this month, NAB successfully spun off its British
arm Clydesdale Bank Plc by listing it on the London
stock market after CEO Andrew Thorburn made exiting from the UK
a priority.

($1 = 1.4015 Australian dollars)

($1 = 1.5035 New Zealand dollars)

(Reporting by Swati Pandey; Editing by Alison Williams)

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