National Australia Bank (NABZY.PK,NAUBF.PK) reported that its first-quarter cash earnings were approximately increased 6% to A$1.65 billion, from the prior corresponding period.
On a statutory basis, net profit attributable to the owners of the Company for the December quarter was approximately A$1.80 billion.
On a cash earnings basis, Revenue rose approximately 4%, but excluding gains on the UK Commercial Real Estate (CRE) loan portfolio sale and SGA asset sales, increased approximately 2%, benefitting from higher markets income and growth in lending balances over the quarter.
The Group's Basel III Common Equity Tier 1 (CET1) ratio was 8.74% as at 31 December 2014, an increase of 11 basis points from 30 September 2014. As previously announced, the Group will target a CET1 ratio of 8.75% - 9.25% from 1 January 2016, based on current regulatory requirements.
The charge for Bad and Doubtful Debts (B&DDs) for the quarter rose 30% to A$227 million, but was stable excluding releases from the Group Economic Cycle Adjustment (ECA) and UK CRE overlay in the September 2014 Half Year.
For the financial year to date, the Group has raised approximately A$10.7 billion of term wholesale funding. The weighted average term to maturity of the funds raised by the Group for the financial year to date was 4.6 years.
The Group's Liquidity Coverage Ratio as at 1 January 2015 was 114%.
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