NAB earnings slide, sees poorer asset quality

Cloudy outlook: Australia’s third largest lender warns costs will keep rising in the next few years, and asset quality would deteriorate in the pandemic-stressed economy. — AFP

SYDNEY: National Australia Bank (NAB) has posted a 36.6% fall in annual profit, hurt by higher loan loss provisions for the Covid-19 pandemic, customer and payroll remediation, and higher wages.

Australia’s third largest lender also warned costs would keep rising in the next few years, and asset quality would deteriorate in the pandemic-stressed economy.