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National Australia Bank's Q3 earnings rise with stronger asset quality

National Australia Bank Ltd. posted a 5% year-over-year increase in cash earnings for the third quarter on the back of stronger asset quality and better revenue growth.

The bank reported unaudited cash earnings of A$1.7 billion for the fiscal third quarter ended June 30. The lender said statutory net profit totaled A$1.6 billion for the quarter.

Bad and doubtful debt charges fell to A$173 million from A$228 million in the prior-year period. The gross impaired assets ratio was 0.80% at June 30, down from 0.85% in the previous quarter and from 0.81% in the year-ago quarter.

The group's common equity Tier 1 ratio stood at 9.7% as of June 30, compared to 10.1% as of March 31 and 9.5% as of June 30, 2016.

As of Aug. 10, US$1 was equivalent to A$1.27.