Australia’s NAB posts profit dip, investors cheer margin stability

National Australia Bank (NAB.AX), opens new tab, the country’s No. 3 lender by total loans, reported on Friday that profit fell in the June quarter as inflation pushed up costs and stoked competition, but said that a measure of core operating margins held steady, sending its shares higher.

The company, which is Australia’s top business lender as well as a top-tier mortgage provider, warned of a deterioration in its business banking portfolio where “non-performing” loans reached the highest in at least two years.

Source: REUTER