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National Australia Bank Q3 cash earnings rises 1% YOY

National Australia Bank Ltd. said unaudited cash earnings grew 1.0% year over year to A$1.65 billion in the third quarter ended June.

The bank attributed the increase to a growth in lending to small and midsize enterprises and a slightly higher group margin. Expenses remained flat, while the net interest margin increased primarily due to lower short-term wholesale funding costs.

NAB group CEO Philip Chronican said he expects the bank to record higher costs in the second half of fiscal 2019, due to ongoing customer remediation programs and adviser service fees for self-employed advisers.

Unaudited statutory net profit for the quarter stood at A$1.70 billion.

The group's gross impaired assets ratio increased to 0.85% from 0.79% in the second quarter and from 0.71% in the third quarter of 2018, largely due to rising Australian mortgage delinquencies.

Its common equity Tier 1 ratio stood at 10.4%, flat from March, but higher than the 9.7% recorded in the third quarter of the previous fiscal year.