Sydney: National Australia Bank reported a slight increase in third-quarter cash earnings on Monday, supported by improved margins and growth in business and home lending.
According to Radio Television Brunei, Australia’s top business lender posted cash earnings of A$1.77 billion ($1.15 billion) for the three months ended June 30, compared with A$1.75 billion a year ago. The marginal rise in earnings is attributed to enhanced margins and steady growth in both business and home lending sectors.
The Reserve Bank of Australia has cut interest rates by 75 basis points so far this year, delivering the latest reduction last week while signalling further easing. These cuts are part of broader efforts to stimulate economic activity and lending across the country.