NAB grows in 'challenging' market
By
Adam Smith
|
9/08/2011 1:30:00 AM
|
0
comments
NAB has seen a rise in earnings amid what it has deemed "challenging" conditions.
The bank has posted cash earnings of $1.4bn for the June quarter, up 27.3% from the June quarter of 2010. NAB CEO Cameron Clyne said the result came in spite of difficult economic conditions.
"This was achieved despite considerable challenges, including Australia's multi-speed economy, subdued system credit growth and fragile consumer confidence in all the markets in which we operate, and concerns about US economic growth and European sovereign debt," Clyne said.
The bank claimed strong growth in mortgage lending, building on its first half momentum. NAB said in a statement the growth came amid slowing credit demand and increased home loan competition.
Related stories:
Lending growth drives Bendigo profit surge
NAB boosts profit and market share
Big banks warn of lending slowdown
Latest Comments