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National Australia Bank (NAB) today reported a 25.8 per cent rise in net profit to $2.7 billion for the first half of the 2008 financial year.
Group chief executive office John Stewart said the bank’s “decision to take a conservative approach on liquidity was prudent given credit market conditions” and proved it was still possible to grow successfully in challenging conditions.
Mr Stewart said the bank’s charge for bad and doubtful debts had increased by $336 million to $726 million but that underlying asset quality remained sound.
“As we move through this phase of difficult financial markets I am very comfortable with our position,” he said.
The bank also managed to reduce its banking cost to income ratio to 42.6 per cent, down from 47.4 per cent in the prior corresponding period. This makes NAB’s cost to income ratio the lowest of all four major banks.
Published 09-05-08
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