Australia's NAB cash profit falls 6% as loan repayments crawl

NAB said on Friday it booked bad debt charges of A$570 million during the quarter, up from A$247 million last year, bringing the total to A$1.73 billion for the year to date

National Australia Bank Ltd reported a 6.1% drop in quarterly cash profit as it increased provisions to cover coronavirus-led loan losses, and said less than a fifth of the customers it contacted had begun repaying their home loans.

NAB said on Friday it booked bad debt charges of A$570 million during the quarter, up from A$247 million last year, bringing the total to A$1.73 billion for the year to date.