Australia's NAB posts Q3 net profit of $1.26 bln

National Australia Bank on Tuesday posted a Aus$1.2 billion (US$1.26 billion) net profit in the three months to June 30 but revenue fell due to higher funding costs at its struggling British unit.

Australia's fourth biggest lender said its cash earnings, which strip out volatile items, were Aus$1.4 billion, unchanged from a year earlier.

No comparison figure was given for net profit.

Chief executive Cameron Clyne characterised it as a "stable" result against a volatile backdrop in the eurozone and the United States and slowing growth in the big emerging economies.

"Although subdued business and consumer confidence continue to affect the Australian economy, we remain positive about the outlook," he said.

"The Australian franchise remains a strategic priority and again produced some pleasing results in personal banking, while maintaining a strong position in business banking."

The bank said revenue was down one percent due to higher funding costs at its struggling British arm, which it has previously said it plans to restructure, slashing more than 1,400 jobs by 2015.


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