Australia's NAB posts 10.3% rise in cash profit, upbeat on outlook

NAB, which agreed to buy Citigroup Inc's local consumer unit this week, said it wrote back credit impairment of A$112 million in the quarter, compared with bad debt charges of A$570 million last year.

SYDNEY: National Australia Bank Ltd, the country's No. 3 lender, said on Thursday its third-quarter cash profit rose 10.3% as it was able to move funds set aside for potential COVID-19 losses back into profit.

Australia's banks quickly recovered from the pandemic as consumer confidence and the housing market was supported by record low interest rates and government spending, though they face some uncertainty after a recent surge in COVID-19 cases.