AGL 8.14 Decreased By ▼ -0.01 (-0.12%)
ANL 11.47 Increased By ▲ 0.38 (3.43%)
AVN 84.10 Increased By ▲ 0.40 (0.48%)
BOP 5.81 Decreased By ▼ -0.04 (-0.68%)
CNERGY 5.85 Increased By ▲ 0.20 (3.54%)
EFERT 80.04 Decreased By ▼ -0.18 (-0.22%)
EPCL 67.37 Increased By ▲ 0.09 (0.13%)
FCCL 15.05 Decreased By ▼ -0.15 (-0.99%)
FFL 7.20 Decreased By ▼ -0.03 (-0.41%)
FLYNG 7.93 Decreased By ▼ -0.13 (-1.61%)
GGGL 12.05 Increased By ▲ 0.05 (0.42%)
GGL 17.80 Increased By ▲ 0.09 (0.51%)
GTECH 9.25 Increased By ▲ 0.47 (5.35%)
HUMNL 7.38 Increased By ▲ 0.15 (2.07%)
KEL 3.65 Decreased By ▼ -0.09 (-2.41%)
LOTCHEM 31.58 Decreased By ▼ -0.52 (-1.62%)
MLCF 28.75 Decreased By ▼ -0.25 (-0.86%)
OGDC 85.20 Decreased By ▼ -0.85 (-0.99%)
PAEL 17.26 Decreased By ▼ -0.14 (-0.8%)
PIBTL 6.30 No Change ▼ 0.00 (0%)
PRL 19.80 Increased By ▲ 0.70 (3.66%)
SILK 1.32 Increased By ▲ 0.13 (10.92%)
TELE 12.18 Decreased By ▼ -0.07 (-0.57%)
TPL 9.17 Decreased By ▼ -0.01 (-0.11%)
TPLP 20.55 Decreased By ▼ -0.15 (-0.72%)
TREET 27.30 Increased By ▲ 0.35 (1.3%)
TRG 98.44 Increased By ▲ 0.69 (0.71%)
UNITY 22.99 Decreased By ▼ -0.01 (-0.04%)
WAVES 13.47 Decreased By ▼ -0.63 (-4.47%)
WTL 1.48 Increased By ▲ 0.17 (12.98%)
BR100 4,379 Decreased By -9.8 (-0.22%)
BR30 16,108 Increased By 8.3 (0.05%)
KSE100 43,543 Decreased By -133.8 (-0.31%)
KSE30 16,510 Decreased By -21.8 (-0.13%)
Markets

Australia's NAB reports flat profits for 2nd quarter

  • The bank, one of Australia's Big Four lenders, said net profits for the quarter ending December 31 were Aus$1.7 billion (US$1.3 billion), comparable to the same period in 2020.
Published February 16, 2021

SYDNEY: The National Australia Bank (NAB) reported flat profits for the first quarter of its financial year Tuesday, and said ongoing coronavirus lockdowns added to uncertainty going forward.

The bank, one of Australia's Big Four lenders, said net profits for the quarter ending December 31 were Aus$1.7 billion (US$1.3 billion), comparable to the same period in 2020.

The bank's preferred measure of cash earnings was Aus$1.65 billion (US$1.29 billion), up 1.0 percent on the corresponding period last year.

But measured against the quarterly average of the second half of 2020, when Australia was still feeling the economic impact of the coronavirus crisis, cash earnings were up 47 percent.

NAB chief executive Ross McEwan said "improving economic trends" were encouraging in Australia and New Zealand as both countries successfully contained the coronavirus pandemic.

"At an underlying level, performance has been sound in the current competitive, low-interest rate environment," he said, adding that the bank had seen a sharp drop in loan repayment deferrals.

But McEwan said "health alerts" related to outbreaks of Covid-19 in major cities continued to create "uncertainties requiring further clarity".

Authorities have ordered snap lockdowns in recent weeks in the Australian state capitals of Brisbane, Perth and Melbourne and in New Zealand's biggest city, Auckland, to prevent the spread of small outbreaks of highly contagious new Covid-19 variants.

The outbreaks have so far been successfully contained.

McEwan said the winding down of government economic support programmes, including so-called Jobkeeper wage subsidies in Australia, added to the uncertainty.

But the bank said the amount of frozen home loans for its customers had plummeted from Aus$38 billion to Aus$2.0 billion and credit impairment charges were down 98 percent from the second half 2020 average.

The Australian economy contracted in the first two quarters of last year in the country's first recession in nearly three decades.

Comments

Comments are closed.