NAB reports $1.7 billion third quarter net profit

The National Australian Bank has reported its third quarter results, posting a $1.7 billion net profit.

Its cash profit rose 7% to $1.6 billion, while revenue fell 1% due to lower markets income amid volatility.

Business lending balances grew at an annualised rate of 5.5% over the quarter.

“The group achieved a satisfactory third quarter result,” said NAB chief executive Andrew Thorburn.

“Costs were well contained and asset quality continues to improve. While revenue growth remains challenging, Australian home lending continues to achieve market share gains and Australian business loan growth improved in what is traditionally a stronger quarter,” he said.

This article first appeared on SmartCompany.