Business
NAB profits flat, lockdowns add to uncertainty – The Australian Financial Review
NAB has reported a flat first-quarter net profit and CEO Ross McEwan has flagged that government responses to outbreaks are adding to the economic uncertainty.
Credit Suisse analyst Jarrod Martin described the numbers as a clean and solid first-quarter trading update, saying he expected the market to react positively.
NAB shares were up 36¢, or 1.4 per cent, to $25.65 in late trade. ANZ shares were up 1.25 per cent, Westpac up 0.67 per cent and Commonwealth Bank shares were up 0.83 per cent.
The bank said its portfolio of frozen home loans as of December 31 was $2 billion, down from a peak of $38 billion, while it retained $1 billion of frozen business…
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