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National Australia Bank fiscal Q1 cash earnings increase 3% YOY

National Australia Bank Ltd. posted a 3% year-over-year increase in cash earnings to A$1.65 billion for the fiscal first quarter ended Dec. 31, 2017.

On a statutory basis, net profit was A$1.65 billion.

Revenue rose 1% from the quarterly average of the half-year results for the period ended Sept. 30, 2017. The bank said its business & private banking and corporate & institutional banking operations grew in the period.

Net interest margin for the quarter declined. Excluding markets and treasury effects, the NIM was "broadly stable," despite the full-period impact of the bank levy and competitive pressures in home lending.

Expenses for the fiscal first quarter edged up 4% from the quarterly average of the half-year results. Charges for bad and doubtful debts for the quarter dropped 23% to A$160 million.

The gross impaired assets ratio was 0.67% as of the end of December 2017, down 3 basis points from the end of September 2017.

As of Dec. 31, 2017, the group's common equity Tier 1 ratio was 10.2%, up from 10.1% as of Sept. 30, 2017.