(Bloomberg) — National Australia Bank Ltd.’s outgoing Chief Executive Officer Ross McEwan said the nation’s economy is showing resilience and most of the firm’s clients are coping with the challenges well.
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NAB reported unaudited cash profit for the first quarter of A$1.8 billion ($1.2 billion), according to a statement Wednesday. The firm saw a credit impairment charge of A$193 million due to higher arrears in Australian home lending combined with business lending volume growth.
“While economic growth has slowed, the Australian economy remains resilient and the majority of our customers are faring well,” McEwan said in the statement. “We continue to be optimistic about the outlook and our bank is in good shape as Andrew Irvine transitions to CEO over coming months.”
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