NAB's solid quarter
The National Australia Bank (NAB) has delivered a solid June quarter net profit of $1.2 billion, describing it as a "stable result".
Announcing its third quarter trading update to the Australian Securities Exchange (ASX), NAB chief executive Cameron Clyne said the result had been set against a backdrop of ongoing challenges in the global economy with continued uncertainty in the euro zone and US, volatility in global financial markets and slowing growth in the big emerging economies.
He said that while subdued business and consumer confidence continued to affect the Australian economy, NAB remained positive about the outlook.
The NAB's commentary on its business performance confirmed that many elements continued to struggle, but noted that NAB Wealth results had improved during the quarter despite lower funds under management.
It said NAB Wealth's underlying investment margins had remained stable and in-force premiums had increased in the insurance business at a comparable rate to prior periods.
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