NAB (ASX:NAB) share price on watch after Q1 update

The National Australia Bank Ltd (ASX: NAB) share price will be one to watch on Tuesday.

This morning the banking giant released its first quarter update.

How is NAB performing in FY 2021?

For the three months ended 31 December, NAB reported an unaudited statutory net profit of $1.7 billion and cash earnings of $1.65 billion. The latter was a 1% increase on the prior corresponding period.

NAB also provided the market with a comparison to the average quarterly performance of the bank during the second half of FY 2020. Based on this, the bank’s revenue fell 3% over the period. This reflects lower Markets & Treasury income mainly due to the non-repeat of mark-to-market loss reversal. Excluding this, revenue would have grown 1% thanks…