MELBOURNE, Australia--National Australia Bank Ltd. NAB benefited from a fall in its charge for soured loans and a stable margin in the first quarter of its financial year, helping lift net profit. Still, the bank was squeezed by a rise in expenses for the period, largely related to salary increases and job cuts. NAB, one of Australia's "Big Four" lenders, said its first-quarter net profit was about 1.6 billion Australian dollars (US$1.2 billion) in the three months through December. However, cash earnings--a measure followed by analysts that excludes some one-time costs and gains--was down about 1% at A$1.6 billion, the bank said. NAB's net interest margin--a profit measure based on the difference between the rate at which a bank borrows and lends--was broadly stable for the quarter.

Source: Wall Street Journal February 05, 2017 22:06 UTC